The Australian Dollar is firming up this morning after a
report showed that the economy added a greater-than-expected 33,700 jobs in
April. This is good news for the Aussie because it shows that the economy is
growing despite six interest rate increases. The pre-report estimate was for an
increase of 22,500 jobs. Prior to last nightâ€™s jobs data report many traders
felt that the Reserve Bank of Australiaâ€™s
series of interest rate cuts were slowing down the economy. The new jobs number
may be an indication that the economy may be able to handle another hike.
Technically, the Aussie appears to be building a supportive
bottom which could trigger a further rally into a retracement zone at .9047 to
The NZD USD is trading higher overnight, partially because
of the strength in the Australian Dollar and because of the increase in the
countryâ€™s business main index from 56.7 to 58.9. Technically, this currency
remains rangebound between .7325 to .7007. This makes .7166 to .7203 a key
Selling pressure continues to drive the EUR USD lower. The
short-term euphoria triggered earlier in the week by the announcement of a
fresh bailout package from the European Union appears to have worn off.
Investors feel that the new money being pumped into the economy is merely new
debt being piled on top of old debt. In addition, the market seems to like the
idea of financial austerity measures rather than new debt. Earlier in the week,
the Euro rallied after Spain
announced it was going to begin cutting costs.
Technically, the main trend is down on the daily chart. This
market remains in the strong hands of the hedge funds and large traders who
continue to push it lower. There is so much money on the short-side of the market
that even a $1 trillion bailout plan could not scare them out of their
positions. There may be a technical bounce on the first test of the low at
1.2518, but this is likely to attract more selling pressure.
The GBP USD is trading inside of a short-term retracement
zone at 1.4763 to 1.4695, but downside momentum is building which could drive
this market even lower. Earlier in the week, the British Pound rallied
following the announcement of the formation of a new government. Reality set in
rather quickly shortly after this event as investors began to realize that
austere financial measures will be necessary to cut the budget deficit and
reduce the sovereign debt. On Wednesday the Bank of England announced that
economic growth will be slow over the next two years. This news is also
pressuring the British Pound.
The weaker Euro is helping to boost the USD CHF. The current
chart formation suggests that new low in the Euro will lead to a breakout to
the upside through the recent top at 1.1246. A new main bottom has been formed
at 1.0923. A trade through this price will turn the main trend down.
Weakening equity markets and the fear that the problems in
the Euro Zone will slow down economic growth is helping to pressure the USD
JPY. Traders seem to be shedding higher risk assets this morning driving
investors into the safety of the lower yielding Japanese Yen.
The USD CAD was under pressure most of the night, but
traders have been paring losses now that equity markets are beginning to show
signs of weakness. A break through the recent bottom in crude oil is also
contributing to this morningâ€™s turnaround. June Crude Oil is in a position to
break sharply which could trigger a strong short-covering rally in the
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