The U.S. Dollar is trading higher this morning against most
major currencies except the Japanese Yen as global sovereign debt and economic
issues drive up demand for lower yielding assets.
The GBP USD is trading sharply lower as the trend
accelerated to the downside following a break of recent minor support at
1.5352.The heavy selling pressure took
the Cable down to a major 50% price at 1.5272 where it has found temporary
support. The poor outlook for the U.K. economy was reinforced
overnight when it was reported that Fourth Quarter Investments unexpectedly
The bad news overnight reinforced bearish investor sentiment
that the U.K.
economy risks a protracted recovery. Furthermore, talk earlier this week that
the Bank of England is considering expanding and extending its quantitative
easing program continued to feed the bear market.
Following this initial move to the downside, traders may
take a break as they await tomorrowâ€™s final Fourth Quarter GDP Report.
The EUR USD is down sharply overnight as Greek sovereign
debt issues once again threaten to spread throughout Europe.
Itâ€™s been reported that the S&P Corp. is considering another cut in Greeceâ€™s debt
rating.Fear is spreading that this Greece may not
be the only country facing a debt rating cut. The overnight weakness is
threatening to take out last weekâ€™s swing bottom at 1.3443.
Risk aversion is helping to drive up demand for the Japanese
Yen. Traders have been selling the U.S. Dollar overnight while taking
protection in the lower yielding Yen. Last nightâ€™s downside action stopped at a
50% price at 89.30, triggering a technical bounce, but traders most likely
donâ€™t expect this level to hold as support.
Problems with the Euro are helping to boost demand for the
USD CHF. The weaker the Euro gets, the greater the chance the Swiss National
Bank will intervene to protect its currency. Look for the USD CHF to take out
its most recent top at 1.0897 if the Euro takes out its bottom at 1.3443.
The stronger Dollar is putting pressure on Gold and Crude
Oil which is helping to boost demand for the USD CAD. Both precious metals and
energy account for a large percentage of the Canadian economy. Holding above
1.0574 could drive this market to the next retracement level at 1.0623.
Falling demand for higher yielding assets is putting
pressure on the AUD USD and NZD USD. Downside momentum could drive the Aussie
to .8823 today. The New Zealand Dollar took out a key retracement level
overnight. This level is now new resistance at .6910.
In other news, Fed Chairman Bernanke will continue his
testimony before the House Financial Services Committee. Yesterday he said the U.S. economic
recovery has been â€śnascentâ€ť and requires low interest rates to help it sustain
growth. He also said that low employment and subdued inflation allow the FOMC
to keep downside pressure on interest rates.
Todayâ€™s January Durable Goods Report is expected to show a
rise. This is a sign of an improving manufacturing sector. Weekly Initial Jobs
Claims are expected to fall, but this report has offered surprises recently.
Look for this report to move the markets.
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