U.S. Dollar Index Gains after Good U.S. Economic News
The U.S. Dollar Index rose early Wednesday morning and held
on to its gains throughout the trading session following better than expected
U.S. Durable Goods and New Home Sales Reports. The falling Euro also contributed
substantially to the Dollarâ€™s rise while trading mixed versus the British
There were no fresh developments in the financial mess in
Europe so traders used the good U.S.
economic news as a reason to lean on the Euro. Last weekâ€™s optimism and robust
closing price reversal bottom seem to be long forgotten. Although the reversal
bottom at 1.2143 remains intact, it seems that this daily chart bottom is
likely to fail now that traders have rejected the Euro at the .618 retracement
level at 1.2345.
Traders seem to be too worried about contagion and hedge
funds donâ€™t seem too willing to let up on the selling pressure to trigger any
kind of sustainable rally.
The chart pattern looks a little more optimistic for the GBP
USD. On Monday the market held last weekâ€™s low at 1.4229. This action triggered
a short-covering rally that put this market back on path for a potential test
of the retracement zone at 1.4810 to 1.4947.
Fundamentally, traders seem pleased by the recent activity
by the new government. Late last week the U.K. government announced plans to
slash the budget and reduce its debt load. The fact that they are acting
swiftly to fix the financial problems facing the country has made investors
feel a little better about the long-term prospects for the Sterling.
Stronger equity markets helped to boost the USD JPY early
during the trading session, but a late session sell-off in U.S. stock
markets helped to turn this currency pair negative for the day. The Dollar/Yen
is expected to remain weak as long as it remains under 91.61. Talk circulating
that the Bank of Japan may be planning an intervention to weaken the Yen seems
to be the only reason why the Dollar/Yen isnâ€™t trading sharply lower.
The boost in equity prices and strong crude oil helped
pressure the USD CAD until shortly after mid-session when stocks turned lower
for the day. This action reversed the Canadian Dollar to down.
Rumors are out there that the Bank of Canada is poised to
hike interest rates at its next meeting on Tuesday, June 1. Resistance has been
established at 1.0739. Watch for a near-term correction to at least 1.0481.
A late session reversal in U.S. equity markets helped to
weaken the Australian Dollar and New Zealand Dollar. Both of these markets
remain sensitive to investor demand for higher risk assets.
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