The Australian dollar is three quarters of a US cent higher as optimism grows that US politicians will work out a deal to avoid a default on its debts.
By the time you read this, you may know the answer. Supposedly, the financial world is about to be hit by a disaster, namely an imminent US default, or the politicians will avert it with a last-minute …
US Dollar Could Fall Further on Debt Ceiling Impasse, Nonfarm Payrolls Euro’s Sovereign Debt Crisis Simmering Behind US Deficit Headlines Japanese Yen to Consolidate as Speculation for Intervention Resurface British Pound Hinges on Commentary Following Rate Decision Canadian Dollar To Rally On Higher Employment, Business Spending New Zealand Dollar Rally Threatened By Slowing Employment Gold Likely Higher as Debt Ceiling Deadline Looms
-Euro’s Sovereign Debt Crisis Simmering Behind US Deficit Headlines -Japanese Yen to Consolidate as Speculation for Intervention Resurface -British Pound Hinges on Commentary Following Rate Decision -Canadian Dollar To Rally On Higher Employment, Business Spending -Australian Dollar to Fall as Sentiment Sours, Rates Outlook Fades -New Zealand Dollar Rally Threatened By Slowing Employment -Gold Likely Higher as Debt Ceiling Deadline Looms
The dollar and underlying risk trends ended the week under extraordinary duress – as they should. The deficit impasse that the markets have been ringing their hands over for the past few weeks is now heading into the final stretch with two days of market down-time to shorten the trading calendar.
- US Dollar Could Fall Further on Debt Ceiling Impasse, Nonfarm Payrolls – Euro’s Sovereign Debt Crisis Simmering Behind US Deficit Headlines -Japanese Yen to Consolidate as Speculation for Intervention Resurface – British Pound Hinges on Commentary Following Rate Decision -Canadian Dollar To Rally On Higher Employment, Business Spending -Australian Dollar to Fall as Sentiment Sours, Rates Outlook Fades -New Zealand Dollar Rally Threatened By Slowing Employment -Gold Likely Higher as Debt Ceiling Deadline Looms
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A dramatic close into the weekend reflects the heavy round of fundamental risk and volatility we can expect over the coming week. With the deficit deadline, ECB rate decision and NFPs on tap; this will be a trading week to remember.
There are both bearish (short term) and bullish (longer term) setups for the EURUSD and NZDUSD. The range of the EURCHF was the largest since October 2008 – and may indicate exhaustion.
The Dow Jones Industrial Average fell 4.2 percent and the Dow Jones FXCM Dollar Index shed 1.2 percent on a tense week for financial markets as the August 2 US Debt ceiling deadline looms large.
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