A new day and more new highs. EUR/USD hits 1.5220, AUD/USD is a breath away from .9500. EUR/GBP just hit a new high today also.
AUD/NZD just broke out. Aussie is gaining ground on the kiwi.
The Swiss franc is king of the hill right now. It's rising against most anything I can find. The yen is "rocking and rolling" as well. Especially against the British pound. Their Consumer Confidence were leaked early. That shocked the market...also they hit another low. Even the beaten down buck is gaining on the pound overall. That's how sad the story is for the pound this year.
Canada's currency is beginning to strengthen against the buck also (of course what isn't right now as the US dollar index hits new fresh lows). All the traders just piled into these "anti-dollar" trades.
The dollar isn't rallying much these days. It can only seem to gather some steam against the British pound and the South African rand (shows you how much doubt traders have in their recent power shortages).
Along with this, gold hit another high which really supports the Aussie dollar. Oil hit 102 again which brings renewed strength into the Canadian dollar.
See Canada does somewhat follow the dollar (its biggest trading partner) and that tends to keep it from being so volatile. However, when they're both slowing down and oil is going up, it works against America (a major importer from Canada) and works for Canada (a major exporter of oil to the U.S. and the world).
They pump it out of the ground at their same "fixed cost" but get to profit more from it as oil's price moves ever higher.
Sean Hyman
Editor/Trader
www.money-trader.com
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