The Dollar is trading weaker across the board except the Japanese Yen. Investors are feeling more confident about the global economic recovery and shedding safer currencies. Commodity-linked currencies are trading higher let by the Australian Dollar as traders buy ahead of tomorrow’s CPI report.

The Euro continues to post strong gains this morning after breaking through a minor retracement zone at 1.2164 to 1.2233 overnight. The main trend is down until 1.2453 is penetrated, but the daily chart indicates there is plenty of room to the upside.

The June E-mini S&P 500 followed through to the upside Tuesday night confirming the daily closing price reversal bottom formed earlier in the day. Based on the current short-term formation, traders should watch for a 2 to 3 day retracement with 1105.75 to 1122.00 the next possible upside target.

June Gold is trading higher overnight because of increased demand for higher yielding assets and the weaker U.S. Dollar. Bullish traders seemed to be unfazed by the optimistic developments over the Greece debt situation. Earlier in the week gold bugs were buying the metal on speculation of a possible default by Greece.