The U.S. Dollar finished lower after a choppy trading
session. Even upbeat Beige Book data failed to stimulate buying interest in the
Dollar. The Greenback traded higher last night after Germany announced that its economy
had shrunk more than expected in 2009.Hawkish comments from Federal Reserve Bank of Philadelphia President
Plosser also triggered a rise in the Dollar.
The Dollar could not hold its earlier strength and broke
sharply lower ahead of the New York
opening before mounting a strong recovery in the Cash Dollar Index to 77.03.Increased demand for higher yielding assets was
the theme today.
This afternoonâ€™s Beige Book confirmed the improvements in
economy but offered no solid evidence that the Fed is getting ready to raise
interest rates sooner than expected.
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 EUR USD recovered after overnight weakness triggered by Germanyâ€™s
bearish GDP report.Short-covering ahead
of Thursdayâ€™s European Central Bank meeting could have been the catalyst behind
the turnaround.The charts indicate the
Euro is still on pace for a near-term test of 1.4680. Trading on Wednesday was
primarily sideways on low volume.
The AUD USD closed inside of Tuesdayâ€™s range with a bias to
the upside. This is usually an indication of impending volatility. The move
earlier in the week by China
to require banks to increase reserve requirements helped to limit gains.In addition, traders felt that higher
interest rates and the end of government stimulus in China was 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.Trading was also tight as investors await Australian employment news.
The NZD USD was rangebound all day. 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
The USD CAD tried to continue the rally which began two days
ago, but stalled after the market slammed into downtrending Gann angle
resistance at 1.0405.This price was
also an old bottom on December 1.By the
end of the day, this market closed at its session low. The Canadian Dollar is
nearing a level which makes the Bank of Canada uncomfortable. Donâ€™t be
surprised if it expresses its concerns more sternly regarding the rise in the
Canadian Dollar and its harmful effects on the economy.
The USD JPY finish higher as demand for lower yielding
assets was down. This pair is still 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 short-term objective is 92.25.
The USD CHF closed unchanged and in the center of a
retracement range. Throughout the day the USD CHF ping-ponged inside a
retracement zone at 1.0143 to 1.0212. The threat of an intervention by the
Swiss National Bank may be pressuring the Swiss Franc.
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