U.S. Dollar Trading Weaker after Volatile Overnight Session
The U.S. Dollar is trading weaker overnight following a
volatile trade.The initial move in the
Dollar was to the upside as Germany
announced that its economy had shrunk more than expected in 2009.German GDP contracted 5% which was its first
decline in 5 years.
Hawkish comments from Federal Reserve Bank of Philadelphia
President Plosser also triggered a rise in the Dollar.He said the Fed should raise interest rates
as the economy improves and not wait for the unemployment rate to decline.Plosser is a voting member on the FOMC so his
comments carry some weight.
The Dollar could not hold earlier strength and is now
trading lower ahead of the New York
session.Increased demand for higher yielding
assets seems to be the developing theme. The key report today is the Fed Beige
Book which is scheduled for a 1 pm Central Time release.
The EUR USD has recovered after overnight weakness triggered
bearish GDP report.Short-covering ahead
of tomorrowâ€™s European Central Bank meeting could be the catalyst behind the
turnaround.The charts indicate the Euro
is still on pace for a near-term test of 1.4680.
The main trend turned up in the GBP USD overnight on the
trade through 1.6240.The next upside
target is 1.6355.Watch for a technical
bounce at this level.The British Pound
is being boosted by hawkish comments from Bank of England member Andrew
Sentence.He said that the BoE has done
enough to stimulate the economy and that interest rates should be allowed to
rise this year.
The AUD USD is trading higher but inside of Tuesday
range.Yesterdayâ€™s move by China to
require banks to increase reserve requirements is helping to limit overnight
gains.In addition, traders feel that higher
interest rates and the end of government stimulus in China is likely to trigger a slow
down of Chinese demand for Australian goods and services.The chart indicates that this market is
trying to regain an uptrending Gann angle at .9254.Holding above this angle will put the Aussie
in a strong position to rally further.Gains may be limited today as traders adjust positions ahead of
tomorrowâ€™s employment number.
The NZD USD is trading rangebound overnight.A breakout over .7436 could trigger a further
rally to the November high at .7523.Otherwise, this market is setting up for a correction to uptrending Gann
angle support at .7230 then a 50% correction to .7203.
The USD CAD tried to continue the rally which began two days
ago and continued on Tuesday, but the rally stalled after the market slammed
into downtrending Gann angle resistance at 1.0405.This price was also an old bottom on December
1.Watch for a minor pull-back to at
The USD JPY is trading better overnight as demand for lower
yielding assets is down. This pair is trading inside of yesterdayâ€™s range.The short-term picture indicates the start of
a small rally, but the bigger charts indicate there is plenty of room to the
downside with 89.30 the first objective.
The USD CHF is down and resting on a .618 level at 1.0143
after testing a 50% price at 1.0212.Downside momentum could drive this market lower and into a slow moving
uptrending Gann angle at 1.0078.
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