The U.S. Dollar finished higher after a choppy trading
session but well off its high. The Greenback opened higher after global equity
markets weakened following an overnight drop in demand for higher risk assets.
The Dollar surged to its high for the day against most major currencies after
the release of a better than expected Chicago PMI report.
This report signaled that the U.S. economy was recovering from
the recession.After the early morning
rush to a new high, buying fizzled as traders began to take year-end profits. The
Dollar finished higher, but downside momentum is building which lead to a lower
The USD JPY surged to the upside, taking out the late
October high at 92.32, on its way to a three-month high.Concern over a potential bankruptcy filing by
Japan Airlines is putting pressure on the Yen. Stories are also circulating
AA rating is in danger of being cut if the country does not shore up its debt
situation.Finally, traders are also
factoring in potential action by the Fed in 2010 that will lead to higher
interest rates and a stronger Dollar. Pre-holiday profit-taking triggered an intra-day
correction but the market was able to hold on to its gains. Continue to look
for the Japanese Yen to weaken unless there is an unexpected shift in the
A contraction in Euro Zone money supply pressured the EUR
USD early in the trading session. This news was unexpected but could cause
issues in the short-run as it could lead to a credit crunch.This is important to note because of credit
problems in Greece, Spain and Portugal.So far the European Central Bank has not
offered any aid to these regions. Tightening credit conditions could mean that
the ECB may not be in a position to offer relief to these troubled regions if
problems accelerate. Going into the close, the Euro mounted a strong comeback
as profit-takers stepped in ahead of the New Yearâ€™s holiday, but still managed
to close lower for the day.
The GBP USD started out under pressure this morning
following yesterdayâ€™s reversal to the downside, but turned around shortly after
the opening to close higher for the day. Investors are worried that the economy
will remain weak over the near-term while the U.K. wrestles with a huge debt
burden. The lack of major news pointed toward technical factors as the catalyst
behind todayâ€™s the turnaround. Relative Strength and the Stochastics Oscillator
indicate this market may have reached oversold levels.
The USD CHF confirmed yesterdayâ€™s closing price reversal
bottom at 1.0278 when it took out 1.0384.The chart pattern suggested the next upside objective was 1.0392 to
1.0419.Intraday activity took this
market into the retracement zone where traders took profits. This helped the
USD CHF turn negative for the day at the mid-session. Going into the close,
selling pressure was subsiding and the market was hovering around break-even.
Weakening equity markets and lower gold helped to support
the USD CAD early in the trading session, sending this currency pair into a key
retracement zone at 1.0555 to 1.0600. Profit-takers decided to take action in
this zone, triggering a slight sell-off at the mid-session.Look for the Canadian Dollar to rally over
the near-term if gold strengthens and equities weaken.
Falling global equity markets pressured the AUD USD early in
the trading session. End-of-the-year profit-taking triggered a sell-off in the
stock indices which is led to reduced demand for higher yielding assets.Yesterday the Aussie stopped near a key 50%
price at .8964.This price remains
resistance today along with the .618 retracement price at .9018.A quick surge to the upside in U.S. equities,
following the better than expected Chicago PMI Report, helped the Aussie bottom
intraday.The late session turnaround in
equities also helped the Aussie limit losses.
The NZD USD mounted a strong turnaround after trading weaker
earlier in the session. This currency pair is exhibiting great strength now
that it has overcome a resistance zone at .7144 to .7185. Buyers are also
trying to push this market through a key downtrending Gann angle at .7215.
Forex Trading News
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Mon 12 Mar 2018 A 17:00 US- 3-Yr Auction Tue 13 Mar 2018 A 10:00 DE- ZEW Survey AA 12:30 US- CPI A 17:00 US- 10-Yr Auction Wed 14 Feb 2018 AA 12:30 US- Retail Sales A 12:30 US- PPI A 14:30 US- EIA Crude A 17:00 US- 30-Yr Auction Thu 15 Mar 2018 A 12:30 US- Weekly Jobless A 12:30 US- Philly Fed, Empire PMI A 12:15 US- Industrial Production Fri 16 Mar 2018 A 10:00 EZ- final HICP A 12:30 US- Housing Starts/Permits A 14:00 US- prelim Univ of Mich
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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