No wonder - we will soon be in the fourth quarter, usually a weak time for the Greenback, being hampered by year-end balance practices. But this year brings a second thing: The currency is surrounded by inflation fears caused by the recent unprecedented monetary and fiscal expansion. What's more: The shining euro attracts money flow by still printing money with "quantitative easing." We therefore keep our strategy to an outlook for a weaker dollar towards the year end.

For today's trading, we see a narrower trading band for the USD, as described in the major pairs' overview below. There are no really fundamentally market-moving data scheduled for today.

by George Clement

Intraday Market Outlook for Day Traders

EUR / USD
Currently trading at 1.4660, the market is on a slight recovery move. We expect a narrow trading band to continue today, not exceeding the 1.4680 mark and not trading below 1.4610.

GBP / USD
The pound is also remaining in a tight trading range against the dollar, trading right now at 1.6085, in a slight recovery move. We do not expect this mark to be exceedingly overtaken and see rather a slowdown to around the 1.6020 level.

USD / CHF
The dollar again acted more weakly against the Swiss franc this morning, with the market currently trading at 1.0280. We see some feeble recovery moves setting in today, not exceeding the 1.0300 resistance point.

USD / JPY
The dollar is currently at 89.45 against the yen, obviously on a downtrend journey. We do not believe this movement has enough stamina for today and see recovery moves.