Confidence that the European Union, Greece
situation is close to a resolution is helping to drive up demand for risky
assets. This is helping to boost the U.S. stock indices ahead of the
opening.Traders are also becoming more
confident in corporate earnings reports because of the recent improvements in
The improving economy and talk of higher interest rates by
Fed Chairman Bernanke are helping to boost yields, thereby pressuring March
Treasury Notes and March Treasury Bonds. Last weekâ€™s auction boosted supply
which helped weaken Treasuries further.
The pick-up in demand for risky assets is helping to
underpin April Gold and April Crude Oil. Gold is trading as if speculators
anticipate a drop in the Dollar.
Greater appetite for risk is helping to pressure the Dollar
overnight. Reduced demand for safer assets is helping to drive up
higher-yielding currencies. The weaker Dollar is providing a boost for stocks
Oversold conditions are helping to buoy the March Euro. Some
traders feel that short traders may have overreacted to the situation in Greece.
This is helping to trigger a short-covering rally due to oversold
conditions.News that the European Union
may be considering providing aid to Greece may also be encouraging
traders to lighten up short positions.
The March British Pound is trading slightly better prior to
the New York
opening. A report showing that inflation accelerated in January to its fastest
pace in 14 months helped trigger a short-covering rally. Inflation was up 3.5%
which exceeded the Bank of Englandâ€™s target of 2.0%. This prompted a response
by BoE Governor Mervyn King to explain the rise. Traders are becoming less
confident in the BoEâ€™s ability to help the economy while at the same time
preventing a surge in inflation.
The Dollar is down slightly against the Japanese Yen.
Despite increased demand for risky assets, the Japanese Yen is showing
strength. This is most likely being triggered by Japanese repatriation of Yen
due from bond redemptions and coupon payments on Treasury securities. Traders
are also expressing their concerns about the Bank of Japanâ€™s ability to control
deflation over the near-term. Investors feel this is going to force the BoJ to
maintain interest rates at 0.10%.
The March Swiss Franc is gaining ground overnight. The
strengthening Euro is diminishing the possibility of an intervention by the
Swiss National Bank. This is helping to trigger a short-covering rally.
Stronger gold and crude oil are boosting the Canadian
Dollar. Greater demand for risky assets is the catalyst behind the move.
Overall, this pair is likely to remain inside of its long-term range. Higher
stock prices could fuel a rally throughout the day.
Forex Trading News
Daily Forex Market News Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Forex News Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
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