The lack of fresh fundamental news is keeping the U.S. Dollar in a tight and narrow range versus most major Forex markets today.
.The lack of fresh fundamental news is keeping the U.S. Dollar in a tight and narrow range versus most major Forex markets today.
Overnight the trading was mixed except versus the Yen where the Dollar was weaker. The rally in the Japanese Yen was being triggered by the threat of a bankruptcy filing by the CIT Group. Some traders feared that this action would spread through the credit markets and threaten the stability of the financial system.
The sideways action in the equity markets is helping to keep the Australian and New Zealand Dollars in a tight and narrow range. These higher yielding currencies are seeing some interest on the buy side but a combination of fundamental and technical factors are keeping traders from chasing them higher at current levels.
Lower gold and crude oil is allowing Canadian Dollar bulls to take a break to reassess the recent rapid rise in price. This could mean the start of a profit-taking break over the short-run.