The U.S. Dollar fell against the major currencies after President Obama, during his State of the Union address, failed to convince executives and economists that he’s serious about controlling the U.S. budget deficit.

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.

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.

The U.S. Dollar is trading higher against most major currencies this morning. Short-covering ahead of the release of today’s Fed Minutes is the catalyst behind the rally.