The Euro remains under pressure this morning after the
announcement of the $146 billion aid package for Greece failed to calm investors and
restore confidence to the Euro Zone. Traders are reluctant to throw their
support behind the Euro because of lingering problems in Spain, Ireland
Over the week-end, members of the European Union and the
International Monetary Fund agreed to a 110 billion Euro aid package over three
however, had to commit to an even more austere budget cutting plan than
previous agreed too. Even with the commitment by Greece, Euro investors
remained worried that the financial cuts the country had to endure may be too
much at one time for the country to handle.
Even if Greece
is able to follow-through on its commitment, investors still feel that the high
debt levels in Portugal and Spain may mean
that the Euro is likely to remain under pressure. Without an improvement in
investor sentiment, investors feel that the Euro is likely to continue to fall.
Many traders realize that the shorts are still in control of the markets and
that each rally is likely to be short-covering rather than new buying and are
likely to be met by fresh selling.
Despite signs of a bottom on the daily chart, the Euro
finished lower last week. The daily chart is reflecting a short-covering rally;
the weekly chart is indicating that investors still lack the conviction to turn
the Euro into a buy.
The GBP USD is under pressure this morning. Traders are
slashing long positions ahead of this weekâ€™s election on May 6th. Uncertainty
continues to linger in the markets because no clear cut leader has emerged in
the pre-election polls.Traders are
still concerned that a close election may result in a hung parliament which
will make it difficult for the legislation of austere budget cutting measures
which must take place in order to balance the budget.
Clearly, the U.S. Dollar is stronger against the Euro and
British Pound this morning. Demand for higher risk commodities and stocks is
pressuring the Dollar however. Gains are being seen in the Canadian Dollar,
Australian Dollar, and New Zealand Dollar. Pressure is being applied to the
lower yielding Japanese Yen. This trend is likely to continue as long as U.S. equity
markets remain firm. Should U.S.
stock markets begin to weaken, look for the Dollar to gain against all major
currencies before the end of the day.
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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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