United States Dollar vs Canadian (FX:USDCAD)
2 Years : From Dec 2011 to Dec 2013
The U.S. dollar strengthened against its key counterparts on Wednesday's Asian deals as traders sought low-yielding currency on concerns about Greece's future despite a bailout package on Tuesday to ease the debt burden.
Eurozone Finance Ministers early Tuesday gave a green signal to a second rescue package for Greece, unlocking a 130 billion euros bailout money for the cash-strapped euro member. The new bailout money would leave Athens with sufficient funds to repay a 14.5 billion euros bond due on March 20.
The dollar that closed Tuesday's deals at 79.76 against the yen and 1.5780 against the pound climbed to a new 6-1/2-month high of 79.91 and a 6-day high of 1.5766, respectively. The next upside target level for the greenback is seen at 80.5 against the yen and 1.57 against the pound.
Against the euro and the franc, the greenback rose to 1.3213 and 0.9141, as against Tuesday's close of 1.3236 and 0.9126, respectively. If the dollar gains further, it may target 1.31 against the euro and 0.93 versus the franc.
The greenback approached a 6-day high of 0.9991 against the loonie, compared to Tuesday's close of 0.9971. On the upside, the greenback may target 1.00 level.
Against the aussie and the kiwi, the greenback advanced to a new 3-week high of 1.0613 and a 6-day high of 0.8308 with 1.05 and 0.82, respectively seen as the next upside target levels. The greenback ended Tuesday's deals at 1.0665 against the aussie and .8341 versus the kiwi.
Wages in Australia increased in the 4th quarter of 2011 by a seasonally adjusted 1.0 percent, according to data released today by the Australian Bureau of Statistics.
The increase was more than the 0.8 percent rise forecast by most economists.
Also, the Conference Board's Leading Economic Index for Australia increased 0.2 percent in December, the Board reported today.
The Leading Index has now risen 2.1 percent over the 2nd half of 2011, improving on the 1.6 percent gain seen for the first half of the year.
In the European session, services and manufacturing PMI's from major European economies, Bank of England's minutes and Eurozone new industrial orders for December are expected to be released.
The U.S. existing home sales for January is due in the New York session.