The Euro finished lower on reports that a few Euro Region
finance ministers are rejecting the idea of a bailout for Greece. Over the weekend ahead of
the start of todayâ€™s two-day meeting in Brussels,
German Finance Minister Schaeuble and French Finance Minister Lagarde
downplayed the possibility of a bailout package. This news was contrary to
reports last week which speculated on a $41 billion bailout proposal from
German and France.
The failure to obtain financial aid could be a blow to the
Greek economy as it tries to implement austere budget cutting measures.
Pressure could continue on this currency from the hedge funds who still believe
in the demise of the Euro. Additional concerns about the credit ratings of Spain, Portugal,
Ireland and Italy
are also weighing on the EUR USD.
Technically, the Euro daily trend is still up, but Mondayâ€™s
action indicates a correction to 1.3609 may be necessary before new buyers
The British Pound traded sharply lower as traders speculated
that the U.K.
will be unable to service its debt, thereby increasing the odds of a credit
downgrade by Moodyâ€™s. The CFTC also reported in its Commitment of Traderâ€™s
Report that the number of net short traders is at 67,549 as of March 2nd.
Political uncertainty which could lead to a â€śhung parliamentâ€ť also contributed
to Mondayâ€™s weakness. Selling pressure looks as if it will continue to build
throughout the week.
The USD JPY finished flat after a two-sided trading session.
An increase in demand for lower yielding assets led by the drop in U.S.
equity markets helped send investors into the safety of the Japanese Yen at the
mid-session. Earlier in the session, the USD JPY was trading higher on concerns
that the Japanese government may begin implementing a plan to ease the rise in
The decline in the Euro helped to halt the recent slide in
the USD CHF. The Swiss Franc fell on increased speculation the Swiss National
Bank would intervene again to weaken its currency against the falling Euro.
Technically, this market posted a daily closing price reversal bottom which
could trigger a short-term rally to 1.0691.
The USD CAD finished flat after a two-sided trade. Plunging
crude oil and a break in Gold after earlier strength helped to weaken the
Canadian Dollar into the mid-session, but sellers took over late in the session
to erase the small gain. Downside momentum is strong enough to take this market
to parity. The absence of a â€śverbal interventionâ€ť by the Bank of Canada is an indication
that it is going to allow the Loonie to work higher. Falling crude oil could
limit gains in the Canadian Dollar.
The AUD USD traded lower most of the session after
confirming Fridayâ€™s closing price reversal top. Lower demand for higher risk
assets was driving this market down. The strong comeback in the U.S.
equity markets late in the session helped the Aussie erase most of its loss.
The daily chart indicates that a move to .8997 is likely if traders decide to
begin dumping risk more aggressively.
Lower demand for risk and concerns about the New Zealand
economy put downside pressure on the NZD USD most of the session, but this
market was able to recover a good portion of the loss into the close. The sharp
break in U.S.
equity markets on Monday early in the session set off the early weakness, but
the late session recovery in the equity markets triggered short-covering into
the close. Risk sentiment is the key driver of this market at this time.
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Mon 10 Sep 2018 AA 08:30 GB- GDP, Trade, Output Tue 11 Sep 2018 AA 08:30 GB- Employment Decision A 09:00 DE- ZEW Survey Wed 12 Sep 2018 A 12:30 US- PPI A 14:30 US- EIA Crude A 18:00 US- Beige Book Thu 13 Sep 2018 A 1:30 AU- Employment AA 11:00 GB- Bank of England Decision AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless AA 12:30 US- CPI Fri 14 Sep 2018 A 08:30 GB- GDP AA 12:30 US- Retail Sales A 13:15 US- Industrial Production AA 14:00 US- prelim University of Michigan
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