Forex Market Technical and Fundamental Recap
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Today's Forex Analysis summary.
The U.S. Dollar started the day stronger but early U.S. housing and construction spending reports came out better than expected and triggered a reversal in the Dollar.
Trading could become choppy as we approach the end of the week because of the U.S. Non-Farm Payrolls Report on Friday.
The Euro finished the day higher after opening lower. A better than expected U.S. housing report erased earlier weakness caused by a worse than expected German Retail Sales Report.
With markets closed in Great Britain, trading was light and choppy, but this didn’t stop the British Pound from mounting a small gain. Pressure was on this market early but a better than expected U.S. housing report turned the market around
The strong surge in the equity markets helped to support the Canadian Dollar. Recent action in this market indicates a strong link to the stock market. Gains in key commodity markets such as precious metals and crude oil also were supportive.
The rally in the Yen is surprise as strong equity markets usually triggers renewed interest in the carry trade. This occurs when traders borrow the lower yielding currency to invest in higher yielding assets.
The Swiss Franc was driven higher on Monday on the news that the U.S. economy may be improving. This morning’s better than expected U.S. housing report was interpreted as a strong sign the housing market has reached bottom.
Speculators drove the AUD USD higher today. Traders were optimistic about a recovery in the Australian economy because of the overnight news that Chinese manufacturing increased for the first time in nine months.
Traders drove up the NZD USD on speculation of new demand from China for New Zealand exports. Although China’s manufacturing sector posted a gain for the first time in nine months, it is going to take a lot more than a bullish economic report from another country to get the New Zealand economy rolling
By ForexHound.com the portal for Analysis, Education and exclusive timely market Gann Analysis
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