http://www.fxstreet.com/fundamental/market-view/daily-market-report/http://www.fxstreet.com/fundamental/http://mediaserver.fxstreet.com/images/fxstreet-provider-logo1-en.gif7http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-20.htmlMarket Summary The US dollar is firmer today and on the balance of the week against other major currencies. The one exception is the Japanese yen, pointing to weaker equity markets as the main FX driver. Strong demand for short-term US Treasuries, with the two-year Treasury yield hitting its 2009 low yesterday, is also an indication that the market is reducing its exposure to risk. This may be a reflection of financial markets starting to incorporate a more realistic view of the globalFri, 20 Nov 2009 15:19:27 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-20.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-19.htmlMarket Summary The Japanese yen is gaining across the board today, followed by the U.S. dollar. Meanwhile, the New Zealand dollar is the weakest major currency this morning, unsettled by political developments. Overall, currency markets appear firmly in “risk off” mode, implying weaker global equities and a more subdued mood in commodity markets. The rally in U.S. Treasuries completes the picture with the 10-year yield down 3.33% from 3.44% one week ago. It is hard to find a specific triggerThu, 19 Nov 2009 14:47:10 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-19.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-18.htmlMarket Summary The U.S. dollar has been weakening steadily overnight, and it’s difficult to pin the move on much more than firmer global equity markets and gains in commodity prices where gold touched yet another record high. However, this morning’s US data forced the market to reverse gears. The US October CPI was on the firm side of market expectations, although still very subdued. Housing data for the same month showed large falls in both starts and permits, suggesting the recent housingWed, 18 Nov 2009 15:08:21 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-18.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-17.htmlMarket Summary FX markets are still struggling to break out of their current ranges, although there has been plenty of back-and-forth market action over the past 24 hours. Yesterday’s dollar jawboning by Fed Chairman Bernanke, in the absence of any notable shift on the monetary policy front, gave only a brief boost to the dollar. However, the subsequent push to the dollar downside also failed to gain much traction. The greenback is trading with a firmer tone today, thanks to a combination ofTue, 17 Nov 2009 14:58:09 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-17.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-16.htmlMarket Summary The US dollar is finding itself under pressure at the start of the new week, although so far FX markets have steered clear of testing significant technical levels. Among the data releases today, Japan’s GDP surprised on the upside, while US retail sales were near expectations once revisions to prior months’ data are taken into account, pointing to a continuing but not an accelerating US economic recovery. Fed’s Chairman Bernanke’s comments on the economy will be closely watchedMon, 16 Nov 2009 16:16:02 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-16.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-12.htmlMarket Summary The U.S. dollar is ending the week on a softer note, although the decline in the greenback is relatively limited considering today’s news flow. The dollar lost ground during the Asian and European trading sessions. Japanese data was firmer than expected, while Eurozone Q3 GDP was solid enough, showing growth of 0.4% q/q. The risk of a further dollar decline rose early in the U.S. trading session as the U.S. trade deficit widened more than expected. While the greenback softenedThu, 12 Nov 2009 14:35:02 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-11-12.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-30.htmlMarket Summary The dollar is ending the week on a stronger note against most major and emerging currencies. The key exception is Asia, where are Bank of Japan announced it would end some of its unconventional policy easing measures, and firm data supported the emerging Asian currencies. However other G10 currencies are lower, in part on flat European equities and soft U.S. equity futures. ECB policymaker Noyer signaled some concern at recent FX moves, saying that a weaker pound and U.S. dollarFri, 30 Oct 2009 13:56:02 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-30.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-28.htmlMarket Summary Risk aversion remains the dominant theme in the FX markets this morning, giving a boost to the US dollar and the Japanese yen. It is notable that the slightly firmer than expected CPI report in Australia and a rate hike in Norway failed to lift the recovery optimism, with equities and commodities in the red this morning. Perhaps this is a sign that the disconnect between the buoyant financial markets and the fragility of the underlying global economy has already reached anWed, 28 Oct 2009 14:01:56 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-28.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-26.htmlMarket Summary The euro just managed to carve out a new 14-month high against the dollar overnight, but struggled to extend the gains, while the greenback has been resilient elsewhere. The early pressure on the dollar today was probably a combination of more upbeat global sentiment after a stronger than expected GDP report in South Korea, and an article in a Chinese financial newspaper arguing that the China should increase the share of the euro and the yen in its FX reserves. However, theMon, 26 Oct 2009 14:05:50 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-26.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-23.htmlMarket Summary The dollar is up against most G10 currencies, but lower against emerging currencies. Today’s moves among the G10 currencies is of some interest – the price action does not necessarily imply a reversal of the greenback’s weaker trend, but it is potentially consistent with a pause of the dollar’s rapid slide. Eurozone data was firm virtually across the board, with strength in October surveys and other activity data also robust. Global equity markets are also showing broad-basedFri, 23 Oct 2009 13:50:20 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-23.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-22.htmlMarket Summary The U.S. dollar is enjoying a better day, gaining some support from widespread weakness across global equity markets. The trigger for today’s move is perhaps a little unusual, with strong Chinese data prompting concerns that economic stimulus measures may be reduced, hurting financial market performance. Still regardless of the source of the equity decline, it is certainly impacting the growth sensitive Australian, New Zealand and Canadian dollar, which are lagging among the G10Thu, 22 Oct 2009 13:45:41 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-22.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-21.htmlMarket Summary The dollar is reasonably stable for a second day, with some renewed equity market volatility helping to stem the greenback’s slide. Equity markets are down across Asia and Europe, while U.S. equity futures are also pointing to the downside. That said, the underlying sentiment still appears to be one of dollar weakness given the greenback is stable rather than stronger against the backdrop of more difficult equity market conditions. Within the G10, central bank views appear to beWed, 21 Oct 2009 13:58:55 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-21.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-20.htmlMarket Summary The greenback is steady overall after starting the week on a softer note. European currencies are trying to advance, but so far have made limited gains. The pound is higher despite worrisome fiscal trends, and the euro is a touch higher despite hints of concern about a strong currency from European officials. Asian currencies are stronger, helped by equity inflows and at times by comments from central bankers indicating comfort with local currency gains. In some instancesTue, 20 Oct 2009 13:54:50 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-20.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-19.htmlMarket Summary The dollar has once again started the new week on soft footing. Some of today’s strength in foreign currencies reflects local data and events. For example, the Australian dollar was helped by central bank comments, while the NZ dollar got some support from a stronger service sector survey. Positive equity markets are also helping most international currencies. Latin American currencies are generally higher, although Asian currencies are mixed given overall favorable sentiment.Mon, 19 Oct 2009 13:35:42 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-19.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-16.htmlMarket Summary The US dollar is enjoying somewhat of a recovery this morning against most major currencies. One exception is the British pound, itself a notable underperformer in recent weeks. Technical factors and the extent of the speculative short dollar positioning are probably the best explanations for the easing in the dollar bearish sentiment today. The euro in particular has now come close to the $1.50 “psychological” threshold that is likely to be both an attractor and a deterrent forFri, 16 Oct 2009 13:44:38 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-16.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-15.htmlMarket Summary US bank earnings undershot expectations this morning, giving a safe-haven lift to the US dollar which had fallen to new multi-month lows overnight. US economic data releases were also generally firmer than expected so far today, although of course the link between the dollar and economic data remains far from straightforward. The post-data reaction is most notable in the dollar/yen pair, with the Japanese currency weaker as US Treasury yields rise. We also suspect that unabatedThu, 15 Oct 2009 13:54:19 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-15.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-14.htmlMarket Summary The dollar continues to struggle, with today’s news from China perhaps an important factor behind its continued slide. Money growth and new lending both quickened in September, an indication that China’s central bank is maintaining an accommodative monetary policy stance, boosting both global equity markets and currencies. Dovish comments from Fed Vice Chairman are also a factor – he said that U.S. growth and inflation could lag the central bank’s objectives, warranting very lowWed, 14 Oct 2009 13:50:35 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-14.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-13.htmlMarket Summary The dollar has maintained its weaker bias, extending its decline despite an indifferent performance by global equity markets today. The euro advanced to new multi-month highs as did the Australian and Canadian dollars, while the trade-weighted value of the greenback dropped to its lowest level since August of last year. Today’s economic bright spots were few, with the rise in New Zealand’s retail sales perhaps the clearest example of good news. Stronger oil prices likely helpedTue, 13 Oct 2009 13:56:11 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-13.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-12.htmlMarket Summary The dollar continues to trade with an overall softer bias at the start of the new week. The greenback is down against most of the G10 currencies, particularly the Canadian currency which is still receiving a boost from firm jobs figures released last Friday. The euro is up as is the Swiss franc, as European equity markets are broadly stronger, but the British pound is lower, extending its underperforming trend. The Mexican peso is enjoying a good day against the dollar, althoughMon, 12 Oct 2009 14:03:42 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-12.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-09.htmlMarket Summary FX markets took notice of the hawkish hints in the Fed Chairman Bernanke’s comments last night. Mr. Bernanke’s mention of future policy tightening, even without any reference to timing has prompted the market to scale down its short dollar positions in advance of the approaching weekend. The Fed Chairman also said that “accommodative policies” (rather than “exceptionally low levels of the federal funds rate”) are likely warranted for an extended period. Only a slight changeFri, 09 Oct 2009 14:05:20 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-09.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-08.htmlMarket Summary Downward pressure on the US dollar showed few signs of subsiding overnight. Australia’s September jobs report surprised on the upside, playing into expectations of further policy tightening by the Reserve Bank of Australia and lifting the Australian dollar to a 14- month high. While the US dollar is slipping broadly, some of the strongest currency performers are found among the growth-sensitive emerging market currencies including the Indian rupee and the Brazilian real. TheThu, 08 Oct 2009 13:59:25 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-08.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-07.htmlMarket Summary It has so far been a game of two halves in the currency markets today. The US dollar remained under pressure overnight, with the Australian and New Zealand dollars extending gains. The Japanese yen also touched a nine-month high against the buck after finance minister Fujii made some relatively benign comments on recent yen strength. Meanwhile, dollar’s weakness also helped gold touch a record high. However, the greenback has subsequently found its footing, bouncing back duringWed, 07 Oct 2009 13:45:22 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-07.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-06.htmlMarket Summary The trend-setting event of the day was the rate hike by the Reserve Bank of Australia. While the move itself was already somewhat of a surprise, it was also accompanied by hints of further tightening ahead, sending the high-flying Australian dollar even higher. It’s notable however that risk aversion is still a theme that continues to dominate global markets, and Australia’s rate hike sparked further optimism that the global economy is firmly en route to recovery, triggering aTue, 06 Oct 2009 14:08:49 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-06.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-05.htmlMarket Summary The dollar is starting the week on the defensive after the G7 made no explicit reference to the US currency in its statement, while reiterating the familiar message that currency volatility is undesirable. That said, there are some notable divergences among currencies today. The yen is little changed after Japan’s finance minister Fujii hinted that intervention remains an option if currencies move “excessively”. The euro and the pound have also struggled to break through theirMon, 05 Oct 2009 13:56:07 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-05.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-02.htmlMarket Summary The dollar is mixed, and its inability to score larger gains following a disappointing U.S. payrolls report could leave the greenback vulnerable to renewed losses in the near future. In addition the headline 263,000 loss of jobs, other details within the employment report suggested some slackening in labor demand. That downside data surprise is weighing on equities, with European bourses down around 2% and U.S. equities futures also sharply lower. But although the dollar didFri, 02 Oct 2009 13:37:01 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-02.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-01.htmlMarket Summary The dollar is down, with unsettled financial markets weighing on foreign currencies, and further currency comments weighing on the euro. Asian currencies are doing better than most, with equity markets broadly steady across that region. The IMF did raise its global GDP growth forecast for 2010, but that has done little to help European and U.S. equities, which are both lower. Today’s data was not particularly weak, although there were areas of softness: German retail sales andThu, 01 Oct 2009 14:03:14 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-10-01.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-30.htmlMarket Summary Currency markets are choppy and volatile this morning, perhaps not surprisingly so given the month and quarter end position adjustments that are likely taking place. The euro rose on the news of lower demand for ECB funds from the region’s banks, seen as a sign of stabilizing economic and financial conditions, but has subsequently given back some of its gains. Meanwhile, the sharp sell-off in the Swiss franc this morning against the dollar and the euro almost surely reflects theWed, 30 Sep 2009 14:18:07 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-30.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-29.htmlMarket Summary Currency markets are still displaying mixed trends today, with month and quarter end flows as well as official FX ‘jawboning’ emerging as the main market drivers so far this week. There were some noteworthy comments from the ECB President Trichet yesterday who said that it was “extremely important to have a strong US dollar”. The fact that these remarks were later echoed by other Eurozone policy makers suggest they were not off the cuff and may be the first sign that the currentTue, 29 Sep 2009 13:59:59 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-29.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-28.htmlMarket Summary Currency trends are mixed at the start of the new week, highlighted by the dollar falling to an eight month low against the Japanese yen but rising to a four month high against the British pound. The yen remains susceptible to the conflicting comments of the finance minister Fujii who spoke in favor of non-intervention in the currency markets, but also appeared to be backtracking on his earlier comments supporting a stronger yen. Either way, we suspect the market impact of hisMon, 28 Sep 2009 13:45:45 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-28.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-25.htmlMarket Summary The dollar is modestly stronger against most G10 currencies, extending the trend seen in recent days. Policy themes seem to be the main focus today. Firstly, Federal Reserve Governor Warsh writing in the Wall Street Journal said that the Fed might need to begin normalizing policy before it is obvious it is necessary, and with greater force than usual. Those comments are a possible factor behind today’s mixed equity markets, and decline in U.S equity futures. Secondly, the G20Fri, 25 Sep 2009 13:39:57 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-25.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-23.htmlMarket Summary The dollar is holding steady overall ahead of today Federal Reserve monetary policy announcement. The greenback has lost ground against some G10 currencies – notably the Norwegian krone after a hawkish statement by Norway’s central bank, and against the New Zealand dollar after better than expected GDP data for that country. Asian currencies are also firmer on balance, helped by global equity markets that are mostly stronger today. But the greenback is holding steady againstWed, 23 Sep 2009 13:31:27 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-23.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-22.htmlMarket Summary After a brief reprieve the dollar is once again on the defensive, setting fresh 2009 lows against the euro, Swiss franc, Swedish krona and New Zealand dollar today. Some positive news during the Asian trading session in the form of upgraded economic forecasts for the Asian region got the ball rolling, and while Asian equity markets are stronger on balance, it is the European and U.S. equity markets that are enjoying the largest gains. The move is the New Zealand dollar is ofTue, 22 Sep 2009 13:50:30 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-22.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-17.htmlMarket Summary The dollar is consolidating this morning after dropping to a fresh one-year low on a trade-weighed basis. Equities remain firm, while global economic data was mostly close to market expectations, including US housing and jobless claims. The dollar’s continued vulnerability is probably explained by the lack of confidence on behalf of the market in the ‘exit’ strategies from the fiscal and monetary easing. Technicals point to further dollar downside in the near term, althoughThu, 17 Sep 2009 13:57:08 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-17.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-16.htmlMarket Summary The downward pressure on the US dollar is showing few signs of abating this morning, with the greenback down to the lowest levels for the year. Technical factors have been key for the currency markets recently and the dollar’s trade-weighted index is now approaching a key support level extending from September 2008. Other currencies approaching or testing key technical and psychological levels against the buck are the euro and the yen. The yen’s strength today is explained byWed, 16 Sep 2009 14:04:02 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-16.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-15.htmlMarket Summary Currency markets are mixed, looking for a theme and direction. After significant gains against the dollar seen in recent sessions most major currencies are in a consolidation mode. Overnight, a balanced tone of the minutes from the Reserve Bank of Australia’s policy meeting and some dovish comments from the Bank of England Governor King have contributed to a more subdued tone in the Australian dollar and the pound. It’s also notable that emerging market currencies areTue, 15 Sep 2009 13:35:46 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-15.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-14.htmlMarket Summary The unfolding of a trade dispute between the US and China is restraining risk appetites this morning and providing a breather to US dollar weakness. The greenback is advancing across the board, but it will take a much larger move to reverse the sharp declines of last week, exacerbated by the break of key technical levels. While many have pointed out to the US fiscal deficit as the fundamental justification for a weaker dollar, the dollar’s real deficit appears to be that ofMon, 14 Sep 2009 13:55:07 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-14.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-11.htmlMarket Summary The dollar is on the defensive again, rounding out what has been a tough week for the U.S. currency. The greenback’s poor performance is a reflection of both improving market conditions (and thus less safe haven support), and broad dollar weakness, with the latter theme being inspired by the break of key technical levels. Both themes are in play today. A firm set of Chinese economic figures is boosting most global equity markets and most international currencies. But it is notFri, 11 Sep 2009 13:59:20 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-11.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-10.htmlMarket Summary Some caution has returned to FX markets today, and the dollar is mixed and the yen is stronger – a better performance for both currencies than in recent days. However dollar sentiment is still fragile, and the path of least resistance for the dollar is still clearly to the downside in the near-term. For much of today’s trading the dollar and yen actually made headway against the other G10 currencies. Some Chinese comments throwing doubts on the strength of that country’sThu, 10 Sep 2009 13:44:36 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-10.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-09.htmlMarket Summary The U.S. dollar remains under some pressure, with technicals seemingly playing a large part in today’s price action. The fundamental and market backdrop is not as supportive today of a soft U.S. dollar trend. Asian equities are mixed and European and U.S. equities are only modestly higher. International news and data has been negative on balance, and the sharp fall in U.S. consumer credit would have in recent times at least been consistent with dollar strength rather than dollarWed, 09 Sep 2009 14:05:33 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-09.htmlhttp://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-08.htmlMarket Summary The early signals of post-Labor day trading for the greenback are not favorable, with the dollar down sharply and almost across the board. Part of the gain in foreign currencies is due to improving risk appetites and advancing equity markets. But that appears to be only a small part of today’s price action, with the dollar-bloc currencies actually the laggards among the G10, and the yen doing well despite favorable market conditions. Instead, today’s decline appears to be veryTue, 08 Sep 2009 13:44:16 GMThttp://www.fxstreet.com/fundamental/market-view/sam.bullard@wachovia.com (Wells Fargo Investments, LLC)http://www.fxstreet.com/fundamental/market-view/daily-market-report/2009-09-08.html