Kathy Lien is Director of Currency Research at GFT, and runs KathyLien.com.
Kathy has a Bachelors degree in Finance from New York University. Kathy has written for Stocks and Commodities, CBS Market Watch, ActiveTrader, Futures and SFO Magazine. She is frequently quoted on Bloomberg and Reuters and has taught seminars across the country. She has also hosted trader chats on EliteTrader, eSignal, and FXStreet, sharing her expertise in both technical and fundamental analysis.
Action speaks a lot louder than words and even though the NAHB housing market index reported stronger sentiment among builders yesterday, the sharp drop in housing starts and applications for building permits that were reported today basically nullified the previous release.
A surprisingly strong Empire State manufacturing survey and hawkish FOMC minutes has helped the US dollar climb higher against everything except for the euro.
The US dollar started the new week firmer as it attempts to recover some of last week’s losses. On a day devoid of any important US economic data, the clarification of China’s reserve diversification plan along with the rally in the stock market and bullish Fed comments has helped the dollar move higher.
Not a lot for currency traders to go on today with economic data barely considered by a lot of market participants. Instead, dollar markets continued to show considerable weakness heading into the weekend as traders in other parts of the world woke up to find China’s latest development.
We are looking at a major division of power in the US government and this should prevent any radical changes in US economic policy over the next two years.
After quietly consolidating on Monday, the currency market has finally awakened to align itself with the expectations of the stock and bond markets. This means that all three of the major markets are now anticipating a political gridlock with Republicans losing partial if not complete control of Congress.
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