Euro Finishes Lower as EU Delays Greece Aid Package
The Euro finished lower as the lack of concrete news
regarding the European Unionâ€™s plan to guarantee Greeceâ€™s debt caused investors to
remain nervous and skeptical that a resolution would be reached over the next
The U.S. Dollar finished higher against most major
currencies except the Canadian Dollar. The Dollar opened the New York session overnight and managed to
hold on its gains throughout the day although earlier gains against the Canadian
Dollar were erased.
Once investors became satisfied that the EU would postpone
any announcements about the Greek deficit problem for a day or two, they turned
their focus on the testimony of Fed Chairman Ben Bernanke.
Bernanke gave the Dollar a boost after hinting that the Fed
was gearing to hike interest rates as part of its exit strategy. While most
investors have been trying to forecast when the Fed would begin raising the Fed
Funds Rate, Bernanke surprised everyone by stating that the Fed may raise the
discount rate charged on direct loans to commercial banks.
Although it finished lower, the EUR USD closed inside
yesterdayâ€™s range. The chart pattern suggests that a supportive base could be
being built. Last weekâ€™s low at 1.3584 and this weekâ€™s high at 1.3838 are both
holding indicating impending volatility. Depending on the outcome of the
EU/Greece resolution, this market is set up for a break out in either
The GBP USD finished sharply lower. Spillover selling from
the weaker Euro provided some early selling pressure, but the bulk of the
selling came after the Bank of England cut its inflation forecast and hinted at
extending and expanding its quantitative easing stimulus.
Bernankeâ€™s comments regarding higher interest rates helped
the USD JPY rally. Todayâ€™s action was a pure interest rate differential play.
Gains were limited on the possibility risk aversion would return to the markets
if the EU was unable to come to a decision on the Greek debt problem.If Greeceâ€™s problems resurface, then
look for investors to seek safety in the Japanese Yen.
The weaker Euro helped boost the USD CHF as it reignited the
possibility that the Swiss National Bank would intervene to weaken its
currency. A stronger Euro will pressure the U.S. Dollar versus the Swiss Franc.
The failure to reach a resolution of the Greek debt problems could put more
pressure on the Euro tomorrow while helping to boost the USD CHF. The size of
the possible break in the Swiss Franc will depend on how strongly traders feel
the SNB will intervene.
The USD CAD erased earlier gains and finished lower for the
day. The U.S. Dollar posted strong gains early as traders shunned risky assets
and Fed Chairman Bernanke hinted at raising interest rates. Oversold conditions
were the primary reasons for the mid-to-late session rally in the Canadian
Dollar. Gains were further boosted by stronger crude oil and a stable equity
Poor economic news out of China and risk aversion helped
pressure the AUD USD and NZD USD. Early this morning, Chinaâ€™s
import/export report showed that the economy was slowing down. The chart
formations for both of these currencies suggest that a support base is being
built.Last Friday, both markets posted
closing price reversal bottoms which were confirmed on Tuesday. As long as last
weekâ€™s low in the Aussie holds at .8577, this market could rally back to .8953
over the near-term. The Kiwi has to hold .6806 to trigger a possible rally to
.6978 to .7019.
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