U.K. Inflation Still Hot Topic with Bank of England
Profit-takers Hitting Euro ahead of Thursday’s ECB Meeting.
The Dollar lost ground against the Euro overnight in Asian trading as investors continued to speculate that the European Central Bank will mention its concerns about inflation in Thursday’s policy statement. Following the last policy announcement on January 13, the Euro surged from 1.3088 to 1.3383 after the ECB hinted that it was concerned about inflation.
Dollar Crumbles as Obama Fails to Win Any Friends with State of Union Speech
Bank of England Stays the Course; Rates Expected to Stay Low Until Q4
The lack of confidence in Australia’s growth prospects has been helping to pressure the AUD USD. Traders started selling the Aussie after reports surfaced that some economists were cutting short-term gross domestic product forecasts for Australia following recent flooding in the state of Queensland.
Greenback Down for Week but Jobs Data Offers Ray of Light
Aggressive speculators drove December Silver to a fresh high for the year ahead of this week’s elections and Fed meeting. Traders seem to be increasing positions in anticipation of a Republican victory and new Fed quantitative easing. Some traders are on the sidelines this morning, creating volatile swings on thin volume.
U.S. Stock Futures Called Lower on Heels of Apple, IBM News
Short-Covering Ahead of Fed Minutes Driving Greenback Higher
Commodity, Equity Bulls Pare Positions ahead of Friday’s Non-Farm Payrolls Report
Commodity and equity traders pared long positions on Thursday ahead of Friday’s U.S. Non-Farm Payrolls Report. Traders appeared to be taking no chances that the report will come out better than expected, leading perhaps to the Fed cutting back on the amount of quantitative easing it is currently considering.