USD Trading Outlook
U.S. Dollar Trading (USD) the Dollar has enjoyed a good 24 hours of strength as risk aversion spreads from the Eurozone to global stock markets. Only Oil is bucking the trend with war drums growing louder for a military strike on Iran’s Nuclear facilities. The FOMC minutes also added more cold water on the recent QE3 talk with opinions within the FED widely differing on the need for more monetary stimulus.
U.S. Dollar Trading (USD) volatility dominated the markets yesterday with the Moody European downgrades causing risk aversion in Asia and this rolled into the US session after economic data missed expectations. January Retail Sales came in at 0.4% vs. 0.7% forecast. Markets did bounce off lows into the close of the US session however after the announcement all the Greek leaders had signed up to implementing agreed Austerity commitments after the upcoming elections.
U.S. Dollar Trading (USD) the positive mood from the Greece vote faded quickly and we ended well off highs in the US session and the Dollar was on the front foot going into Asia Tuesday morning. When Moody’s downgraded most of Europe after the New York close the Dollar was bought aggressively across the board. The eventful Asian session then saw the BOJ expand its Asset purchase program and look to focus on a new inflation target.
U.S. Dollar Trading (USD) the Dollar hit day highs on Friday after heavy stock market selling in Asia continued into Europe. The selloff was a combination of profit taking and Greece Austerity vote uncertainty which proved unfounded as the parliament passed the measure Sunday night. The response so far in Asia on Monday has been positive although rioting in Greece is a stark reminder of the social cost of reform.
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