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.
We are far closer to $100 oil than we thought we could have been at the beginning of the year, especially since the hot spots around the world are igniting while demand continues to grow.
The US dollar succumbed to selling pressure today as the G7 harshened its stance on China, calling for exchange rate flexibility specifically from the Asian giant.
The market has wholeheartedly turned bearish US dollars as we mark the third consecutive day of weakness against all of the major currencies except for the Japanese yen.
A dose weaker economic data and surprisingly dovish Federal Reserve meeting minutes have validated to traders that the most recent spate of dollar weakness may be merited.
With most of Europe still closed for Easter Monday, Japanese and US traders took the opportunity the push the dollar lower. Trading was extremely erratic as Japanese traders initiated the first wave of dollar selling in the Asian trading hours as dollar bulls took profit ahead of the US Treasury International Capital (TIC) flow report.
We are at an important crossroad in many of the currency pairs and next week could prove to be the major turning point that everyone has been waiting for.
The US twin deficits were the major focus of the day. For the month of February, the trade deficit narrowed from a record high of $68.5 billion to a better than forecasted $65.7 billion. The budget deficit however did not benefit from the same improvement.
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