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Forex Flash: No major news boosting the USD - BBH

FXstreet.com (Córdoba) - According to the BBH analyst team, there does not appear to be any major news boosting the greenback today.

"Perhaps it is technical, as the foreign currencies were unable to regain some significant levels, like $1.32 for EUR, $1.54 for GBP, and 1.02 for the loonie", says BBH. "Perhaps it is growing signs that despite the softness in the US economy, conditions elsewhere continue to deteriorate".

"Whatever the combination, it does appear that Tuesday's bounce in the foreign currencies has been exhausted for now and near-term dollar gains seem likely", they conclude.

Commodities Brief – Precious metals bounce, gold pares losses to trade at 1389

The yellow metal has bounced Wednesday after a stutter that took spot prices below the 1372 mark during European trading. However, in recent moments, gold has pared its losses to shoot back up to USD $1388.89 in these moments, ahead of US trading. Prices still remain entrenched below the 1400 resistance however. The excessive oversold conditions on different timeframes were the main catalyst for the move – accordingly, the market is likely to see more fluctuations and high volatility within the upcoming period.
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Forex Flash: Margin traders return to being contrarian - Nomura

Nomura strategist Yujiro Goto notes that Japanese margin traders have maintained relatively high JPY selling positions, while JPY has been depreciating against the major currencies.
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