The U.S. Dollar is trading lower overnight. This is
triggering an increase in demand for higher risk assets such as equities, gold
and crude oil
The GBP USD is the biggest gainer overnight. The initial
move was fueled by a report showing that U.K. Jobless Claims unexpectedly fell
in February. The strong surge to the upside was triggered by the news that the
BoE members voted 9 -0 to leave its quantitative easing program unchanged.
Following this news, a strong up move ensued, driving this market through a
pair of 50% levels at 1.5271 and 1.5297. The next upside target is 1.5419.
The EUR USD is trading better on increased demand for higher
yielding assets as well as improving conditions in Greece. Traders still feel Greece will receive a bailout from Germany and France. Donâ€™t forget about the huge
amount of shorts in this market. A short-covering surge could occur at any time
if short begin to panic because of the current rally.The charts indicate that 1.4009 is the next
likely upside target.
Overnight the Bank of Japan voted to leave interest rates
unchanged. In addition, it doubled its loan program designed to combat
deflation. The USD JPY is trading higher this morning. The charts indicate that
a break through .9077 is likely to trigger an acceleration to the upside. The
increased demand for higher yielding assets is likely to pressure the Japanese
Yen as traders continue to use this currency as the funding currency of choice.
The USD CHF is trading lower. The higher the Euro moves, the
less likely the Swiss Franc will intervene. This is helping to support the
Swiss Franc. The first downside target on the charts was reached last night at
1.0513. There may be a technical bounce at this level, but if downside momentum
persists, then look for a further decline to .1.0423 over the near-term.
Stronger demand for higher risk assets such as equities,
gold and crude oil are helping to pressure the USD CAD. The trend in this
market is decisively lower and likely to continue until this contract reaches
Increased demand for higher yielding currencies is driving
the AUD USD and NZD USD up. With the U.S.
holding interest rates low and the central banks in Australia
and New Zealand
considering rate hikes, the interest rate differential has shifted back in
favor of the Aussie and Kiwi.
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Mon 23 July 2018 A 14:00 US- Existing Homes Sales Tue 24 July 2018 AFlash PMIs Wed 25 July 2018 A 08:00 DE- IFO Survey A 14:00 US- New Homes Sales A 14:30 US- EIA Crude Thu 26 July 2018 AA 11:45 EZ- European Central Bank Decision A 12:30 US- Weekly Jobless A 12:30 US- Durable Goods Fri 27 July 2018 AA 12:30 US- GDP A 14:00 US- Final University of Michigan
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