Renewed Euro Zone Issues, Korean Conflict Weaken Euro
The U.S. Dollar is trading higher as renewed Euro Zone
issues and a potential conflict between North and South Korea are driving investors
into the safety of the greenback.
The Dollar rose sharply higher overnight on renewed fears in
the Euro Zone and rising tensions between North
Korea and South
Korea. The buying spree started early when
Asian traders began liquidating equities on war concerns between the Korean
nations and quickly spread to Europe and the U.S. as these two regions continued
to struggle with the spreading debt issues in the Euro Zone.
Comments from the International Monetary Fund helped
accelerate the decline in European markets. On Monday, the IMF warned that Spain
must do more to accelerate the consolidation of its banking system and to
overhaul its labor laws and government pension systems. Despite remaining
upbeat about the soundness of Spainâ€™s
banking system, traders read this comment as a negative and began buying the
U.S. Dollar while seeking shelter in lower yielding currencies.
Technically the EUR USD failed to hold a minor retracement
zone at 1.2407 to 1.2345. This sets up a test of last weekâ€™s low at 1.2143.
Downside momentum indicates that the market may test this level today unless it
regains the retracement zone. A new main top has been formed at 1.2671 on the
daily chart. A drive through this level will turn the main trend to up.
The GBP USD is taking its cues from the Euro. The weakening
Euro is spreading fear to British Pound traders. Bearish traders believe that
the U.K. will face similar
problems as Greece and Spain if it
doesnâ€™t get its financial house in order. The overnight weakness indicates that
last weekâ€™s low at 1.4229 may be violated today. If this occurs, then 1.4527
will become the new main top.
Falling global equity markets are helping to drive up demand
for the Japanese Yen, putting downside pressure on the USD JPY. Traders are
liquidating higher risk assets while seeking shelter in lower yielding currencies.
Losses seem to be limited by the threat of a possible intervention by the
Japanese government. This currency pair could drop sharply if U.S. equity
markets take a plunge.
The uptrend in the USD CAD was reaffirmed overnight as the
market drove through the recent swing top at 1.0738. Liquidation of higher risk
assets is the major reason behind todayâ€™s strength. Risk adverse traders are
selling equities and crude oil, driving down the Canadian Dollar. Unless there
is a shift in this scenario, look for the rally to continue throughout the day.
Watch for new support to form at 1.0739.
Falling demand for higher risk assets is helping to drive
the AUD USD lower this morning. Downside momentum is building which could
pressure this market all the way back to the major 50% level at .7706.
The NZD USD is trading sharply lower overnight. Liquidation
of higher risk assets and the threat that the Euro Zone debt issues will derail
the economic recovery in New
Zealand are the main causes behind the
weakness. Downside momentum is building which could drive this market down to
the 50% level at .6263 over the intermediate term.
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