The Euro wavered from up a few pips to down a few pips mostof the
The Euro wavered from up a few pips to down a few pips mostof the
The GBP USD traded higher after a better than expected tradereport. The
British Pound traders are becoming nervous about holding onto longs ahead of next month’s elections. Investors are still waiting foreither party to submit a plan to reduce the budget deficit. Monday’s closingprice reversal top was confirmed, indicating a developing downside bias.
The sideways Euro helped to hold the USD CHF in a rangebetween two retracement levels at 1.0610 and 1.5068. Look for this pair toremain range bound until the Euro makes a move. A weaker Euro will pressure theSwiss Franc. A strong Euro will diminish the possibility of an intervention bythe Swiss National Bank.
The inability to break
A rift has developed between the Japanese government and theBank of Japan. The government wants the BoJ to be more aggressive in fightingits battle against deflation.
The USD CAD has been trading in a range for about four days,indicating impending volatility. Oversold conditions have been contributing tothe low momentum and low volatility. As long as last week’s reversal bottom at.9975 holds as support, then there is the possibility of a rally back to 1.0138.Breaking through the bottom is likely to trigger an acceleration to thedownside, now that a large group of traders have committed to a rate hike onJune 1st rather than in July. Higher interest rates will attract more foreignbuying of the Canadian Dollar.
The AUD USD was under pressure most of the
The NZD USD traded flat to lower most of the day-session.The lack of buyers and the lack of conviction in holding higher yielding assetshelped to pressure this market. The late session turnaround in the