Stronger Equity Markets Driving Up Demand for Risky Currencies
Despite upbeat earnings from Alcoa last night after the
close and a stronger equity market this morning, the Euro is down because of
the renewed sovereign debt concerns. Last night Moodyâ€™s downgraded Portugalâ€™s
debt rating, sending a signal to traders that problems may still be lingering
in the Euro Zone despite a month of calm.
Traders had expected the Euro to rally with the equity
markets because of a recent shift in investor sentiment, but todayâ€™s weakness
in the Euro demonstrates that short traders are still on a hair trigger and can
take this market lower in a heartbeat should negative data arise.
The British Pound is attempting to break a three-day losing
streak today following a report which showed inflation above economistsâ€™
forecasts and higher retail sales. This news helped reignite the case for a
rate hike by the Bank of England.
had been under pressure since late last week following a Bank of England
meeting in which policymakers decided to leave interest rates at historically
low levels. This news didnâ€™t sit well with investors who felt that inflation
was high enough to warrant a rate hike at this time or at least before the end
of the year.
Higher stock prices are helping to boost demand for higher
yielding assets. The Australian and New Zealand Dollars are posting strong
gains but upside movement has been limited because of a poor outlook for China
demand.Strong rallies in gold and crude
oil along with the rise in equity markets should underpin the Canadian Dollar.
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Tue 17 July 2018 AA 08:30 GB- Employment A 13:15 US- Industrial Production AA 14:00 US-Powell Testimony Wed 18 July 2018 AA 08:30 GB- CPI A 12:30 US- Housing Starts/Permits AA 14:00 US-Powell Testimony Thu 19 July 2018 AA 1:30 AU- Employment AA 08:30 GB- Retail Sales A 14:30 US- EIA Crude A 12:30 US- Weekly Jobless Fri 20 Jun 2018 A 12:30 CA- CPI/Retail Sales
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