Dollar Holds Gain after Friendly Consumer Confidence Report
The U.S. Dollar managed to hold on to its gains after erasing
earlier losses following the release of a friendly Consumer Confidence report.
Although the reported figure of 52.9 was slightly less than estimates, it still
reflected continuing strength in the economy.This morning the S&P/Case Shiller report on home prices was flat.
There was almost no reaction to this report by Forex traders. Expect more of
the same trading tomorrow as major players remain absent during the holiday
The Dollar was down overnight as traders took advantage of
the thin, holiday trading by taking profits after the almost month-long
rally.Demand for higher yielding assets
also contributed to the weakness for the second day in a row buoyed by a rise
in global equity markets. Finally, some of the selling pressure can be
attributed to concerns over rising debt in the U.S.
The EUR USD finished lower after giving up early gains. The
friendly U.S. Consumer Confidence report erased overnight gains triggered by a
report showing rising prices in Germany.
The GBP USD traded in a wide range on Tuesday with a strong
bias to the downside. Overnight the British Pound rallied as traders returned
to work after an extended holiday break. The market was unable to hold on to
its gains, however, and retreated to the downside.Investors are still concerned about the U.K. budget
deficit and struggling economy.Sellers
hit the market hard following the release of the U.S. Consumer Confidence
figure. The selling pressure took out three days of lows and negated the
thought that a support base was being built.
The USD JPY broke out of its tight range on the daily chart on
the heels of a rise in U.S. Consumer Confidence. Demand for higher yielding
assets also contributed to the Yenâ€™s weakness. Japanese investors seeking
higher yields sold Yen to buy U.S. Treasuries.
The USD CHF regained the old top at 1.0337 following an
overnight acceleration to the downside through this level. This put the market
in a strong position once again following seven days of weakness. Signs of a U.S. economic
recovery are helping to strengthen the Dollar. Watch for a quick rally back to
1.0393 over the near-term.
The slide in the USD CAD came to an end on Tuesday as early
losses were erased following the release of a friendly U.S. Consumer Confidence
report. Last nightâ€™s trading action took out a main bottom at 1.0405 to
reaffirm the downtrend.Regaining 1.0459
could trigger additional short-covering. Todayâ€™s closing price reversal bottom
could trigger a short-term retracement to 1.0555.
The strength in global equity markets supported the AUD USD most
of the day, but the inability to close over a 50% price at .8964 and off the
high indicates the start of a potential profit-taking break. Watch for a
short-term pullback to .8863.
The NZD USD traded higher most of the day on increased
demand for higher yielding assets.Higher global equity markets were the catalyst behind the rally.By the close the Kiwi had backed off its high
and closed inside a retracement zone at .7144 to .7185. This could be an
indication of the start of a short-term correction back to .7091.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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