Dollar Weakens as Forex Traders Reassess Greece Situation
The U.S. Dollar is trading a little weaker against most
majors this morning after a sharp rally on Tuesday in response to the news that
the S&P Corp. slashed the credit ratings of Greece
Traders seem a little more optimistic this morning that a
viable solution could be reached regarding a bailout of Greece. The
European Union and the International Monetary Fund have been working hard to
hammer out an agreement that would provide Greece with enough funding to
prevent a collapse in the country‚Äôs financial system.
Traders are still looking for clarity regarding the
situation. They want to know the terms of any loans especially the length of
the funding. Many feel that any proposal will be too short-term and that the
current problems will resurface some time in the future. For the moment,
however, there seems to be a calm developing which could lead to a powerful
short-covering rally in the Euro as conditions are ripe for such a move.
The GBP USD is under pressure overnight. Traders continue to
react to the polls showing that there is no clear cut leader which could result
in a hung parliament following the May 6th election. Investors are nervous that
a hung parliament will curtail any serious attempts to shore up the budget of
The stronger Euro is helping to pressure the USD CHF.
Traders have pressuring the Swiss Franc in anticipation of further intervention
by the Swiss National Bank. In addition, the developing problems in the Euro
Zone may be putting pressure on the Swiss economy.
A rebound in global equity markets is triggering a strong
rally in the USD JPY. After retracing a little over 50% of the recent rally
from 91.59 to 94.35, this currency pair found support and is generating enough
momentum to perhaps trigger another breakout to the upside.
The USD CAD is weakening after an attempt to breakout over
the last swing top at 1.0215 failed. Stronger gold, crude oil and equities are
contributing to the weakness as investors are increasing demand for higher
Stronger demand for higher yielding assets is also driving
up the AUD USD and NZD USD. Technically, both currency pairs may have reached
oversold conditions overnight. Traders have been supporting the New Zealand
Dollar recently in anticipation the central bank will present a more hawkish
statement at its next meeting and perhaps hint that interest rates will rise
sooner than previously expected.
Today the U.S. Federal Reserve will issue its policy
statement. Expect the Fed to leave interest rates unchanged for a prolonged
period of time. Furthermore, expect the Fed to say that employment is still a
major concern and that inflation remains subdued.
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