The U.S. Dollar rallied following the release of a better
than expected existing home sales report and never relinquished its gains. The
rise in the Dollar following the release of good economic news is another sign
that investors are returning to watching traditional fundamentals for
direction. Gains are being limited this
week because of thin holiday trading.Longs should watch out for pre-holiday profit-taking tomorrow and
The Dollar received a boost overnight following another
downgrade of Greeceâ€™s debt,
but gave back those gains when the U.S. released a lower than
estimated final third quarter GDP report.The good news from the housing sector underpinned the Dollar the rest of
the day and the index closed a little off its high.
The Euro finished lower. The combination of a downgrade of Greeceâ€™s debt by Moodyâ€™s and the better than
housing report helped to apply the downside pressure.
The GBP USD added to its overnight weakness throughout the
day after the U.S.
released the friendly existing home sales report to finish lower for the day.Overnight U.K. GDP was revised upward to show
a loss of 0.2%.The previous estimate
was for a loss of 0.3%.Pre-report estimates
were for a loss of 0.1%. Pressure is expected to continue until the U.K. economy
starts to show growth like its European counterparts.
Rising Treasury yields continued to boost the USD JPY.Optimism over an economic recovery in the U.S. is leading
traders to sell the Japanese Yen.The
recent rise in Treasury Bond and Note yields have become attractive to Japanese
investors who have to sell the Yen to buy Dollars. Upside momentum is signaling
a possible test of the October top at 92.32 over the near-term.
The Dollar closed firm against the Swiss Franc. Not only are
traders looking for the U.S.
economy to recover faster than the Swiss economy, but some investors are
factoring in the possibility that Euro Zone sovereign debt issues may spillover
to the Swiss financial system.A
mid-session bounce in gold helped limit gains in the USD CHF.
The strengthening U.S. economy is having a positive
effect on the Canadian Dollar.Although
the USD CAD has faltered the past three days, this currency pair remains inside
of its October to November range.The
mid-point of this range is 1.0598.This
price is an important pivot.Additional
pivot price support comes in at 1.0537.Look for the USD CAD to remain inside its trading range until either
economy takes the lead.
The shift in risk sentiment continued to pressure the AUD
USD and NZD USD. Throughout most of this year, a rise in U.S. equity
markets would have led to demand for higher yielding assets like the Aussie and
Kiwi, but investors are now selling these currencies while returning to
traditional fundamental analysis.
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Actionable trading levels delivered to YOUR charts in real-time.
GVI Trading. Potential Price Risk Scale
AA: Major, A: High, B: Medium Mon 23 Apr 2018 A All Day- Flash PMIs AA 14:00 US- Existing Homes Sales Tue 24 Apr 2018 AA 01:30 AU- CPI A 08:00 DE- IFO Survey A 14:00 US- CB Confidence A 14:00 US- New Homes Sales Wed 25 Apr 2018 AA 14:30 US- EIA Crude Thu 26 Apr 2018 AA 11:45 EZ- ECB Decision A 12:30 US- Durable Goods A 12:30 US- Weekly Jobless Fri 27 Apr 2018 AA 03:00 JP- Bank of Japan A 08:00 DE- Employment A 08:30 GB- GDP A 14:00 US- University of Michigan
John M. Bland, MBA co-founding Partner, Global-View.com
Veteran FX Trader, Max McKegg, forecasts all the Major currencies and the Australasians; providing Daily and Medium Term Trading forecasts to subscribers, who include large Banks the world over, as well as individual traders in more than 30 different countries.
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