The US Dollar and Japanese Yen aim to extend gains into the end of the trading week as evaporating risk appetite stokes demand for the go-to haven currencies.

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Market sentiment firmed up ahead of the G8 meeting as the EU talked down the risk for a Greek exit, and the rebound in risk-taking behavior may gather pace in the days ahead as European policy makers increased their pledged to bolster the euro-area.

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Crude oil and copper may rise amid profit-taking on risk aversion bets while gold and silver ride QE3 hopes and growing fears of Eurozone instability may spread.

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Investors have panicked as risk correlated assets tumble. As of yet, there isn’t any sign of light at the end of the tunnel….

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Canada’s consumer price index is widely expected to hold steady from the previous month, but a divergence from market expectations may spark increased volatility in the USDCAD as currency traders weigh the outlook for monetary policy.
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The US Dollar has been particularly strong the past two weeks, necessitating a pullback to relieve extreme technical conditions. As two of the hardest hit majors, the Australian Dollar and the Euro, consolidate against the US Dollar, the Japanese Yen has rallied on the back of strong first quarter growth data.

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While a Greek exit alone from the Euro would be a manageable setback, the impact from such an exit would be catastrophic….

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The safe-haven US Dollar and Japanese declined overnight and may have scope for a deeper pullback as markets digest negative Greece-linked news flow.

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We are keeping the count on the dollar’s impressive run. With Wednesday’s close, that is four consecutive bullish trading days and 11 advances in the past 13 sessions.

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The safe-haven US Dollar and Japanese Yen may correct lower as a large batch of Eurozone and US economic data threatens to spark profit-taking.

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The British Pound struggled to hold its ground on Wednesday as the Bank of England struck a dovish tone for monetary policy, and the GBPUSD may continue to consolidate over the remainder of the week as it fails to maintain the upward trend from earlier this year.

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Commodity prices fell in Europe as Greece-linked risk aversion gripped markets. Minutes from the Fed’s April meeting may compound losses as QE3 bets fade.

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Markets remain under intense pressure into Wednesday, although, given how stretched technical studies are looking, we wouldn’t be surprised to see a bit of short-term relief….

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Considering benchmark pairs like EURUSD and AUDUSD were already forging serious headway in their dollar-bullish trends, it was only a matter of time before the Dow Jones FXCM Dollar Index finally made the mark of real progress.

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After selling off to start the week, higher yielding currencies, such as the Australian Dollar, rallied ahead of the US cash equity open as profit taking set in after better than expected European growth data. However, with Greece’s political woes lingering, the EURUSD dropped to its lowest level since January 18.

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Gold and silver rose as the US Dollar retreated amid recovering risk appetite after a firm set of Eurozone GDP figures. Crude oil and copper have scope to catch up.

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The safe-haven US Dollar and Japanese Yen may correct lower as a large batch of Eurozone and US economic data threatens to spark profit-taking.

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The heightening threaten for contagion paired with the stalemate in Greece continued to sap risk-taking behavior, and the flight to safety may gather pace during the North American trade as European policy makers struggle to restore investor confidence.

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Commodity prices retreated sharply lower as lingering political uncertainty in Greece fueled broad-based risk aversion across the financial markets.

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Markets will be less focused on the economic calendar in Monday trade and broader macro themes will likely dictate directional moves…

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Poor trade figures from March coupled with increased demand for cash has sunk the Australian Dollar amid a flight to the safe havens. As the Japanese Yen and the US Dollar have rallied, the Euro is also under pressure following some divisive comments from the Greek Syriza party leader.

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Although the outlook for the Euro does not look good at this point, we would highlight that the market still has been unable to put in a daily close below 1.3000…

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The Bank of England is widely expected to maintain its current policy stance in May, but a hawkish policy statement could ultimately spur fresh highs in the GBPUSD as it raises the scope for a rate hike.
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The Pound may rise following the Bank of England interest rate decision while S&P 500 index futures point to firming risk appetite, threatening the US Dollar.

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The safe-haven US Dollar and Japanese Yen are aiming to extend overnight gains as S&P 500 stock index futures hint continued risk aversion is ahead.

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