Greece
bailout agreement, most of the responding chatter has already been exhausted,
and we have been left in today’s European session without a major fundamental
story to guide trading. Data
showing U.S. consumer confidence at a four-year high also provided a modest
boost for the dollar, though a looming budget crisis tempered optimism about the
American economy and kept dollar gains in check.
The agreement
to provide aid for Greece did not help the market sentiment. In fact, that
agreement may fail as the International Monetary Fund did not accept its terms. The inability of the US
politicians to find a compromise and avoid the fiscal cliff did not help traders’ confidence
either.
The Australian dollar fell against the Japanese yen and the US
dollar yesterday and remained soft today. Like its Canadian counterpart,
the Aussie managed to strengthen versus the euro.
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