The U.S. Dollar is trading mixed to lower versus most major currencies at the midsession. Early morning reports out of the U.S. were largely absorbed into the market without much fanfare.
The U.S. Dollar is trading mixed to lower versus most major currencies at the midsession. Early morning reports out of the U.S. were largely absorbed into the market without much fanfare. Thins trading conditions are contributing to today’s volatility.
A huge surge in gold is helping to support a rally in the GBP USD. Technical factors are also contributing to the rally. The inability to break yesterday’s low triggered a short-covering rally as the market ran out of sellers because of oversold conditions. The lack of major players in the market is helping to drive weaker shorts out.
The EUR USD is trading better this morning on light volume. Major players may be on the sidelines ahead of tomorrow’s European Central Bank meeting. A slight recovery in the U.S. stock market is also contributing to the rally as traders seem to be comfortable taking on a little more risk today.
The USD JPY continues to trend lower. Japanese bonds are drawing demand which is helping to boost the Yen. The turnover in the government this week has also been a contributing factor to the rally. Gains could be limited if the Bank of Japan begins to question the rapid rise in the Yen and its effects on Japanese export growth.
Steady energy and equity prices are helping to support the Canadian Dollar. Trading for the most part has been thin and light ahead of Friday’s U.S. Non-Farm Payroll Report.
The AUD USD is trading better this morning buoyed by the news that the Australian economy grew more than expected. The report showed that Aussie GDP was up 0.6%. Traders attribute this gain to the positive influence from government stimulus that encouraged consumer spending. This market could remain steady into the close if the U.S. equity markets remain stable.