AUDUSD Continues To Weaken

AUDUSD Continues To Weaken

By: Oliver Miller | Where To Trade | On:02-04-2015 15:29
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Key Highlights

  • Australian dollar traded lower against the US dollar and breached the 0.7560 support area to create a new weekly low as sellers remain in control.

  • Australian trade balance i.e. the difference between the value of country's exports and imports released by the Australian Bureau of Statistics during the Asian session ignited a down wave.

  • The trade deficit was of -1,256M in February 2015, compared to the preceding month, which was more than the last time, but a bit lower when compared to the forecast of -1,300M.

  • Australian exports increased by 1% in February 2015, and imports by 2%.

  • In terms of trend the Australian trade balance on goods and services was a deficit of $992m in February 2015, which was also on the higher side compared to last month.

  • Italian Public Deficit/GDP i.e. the difference between the amount the government takes in as revenue against its overall spending relative to the GDP released by the National Institute of Statistics posted an increase of 2.3% in the fourth quarter of 2014.

  • Euro was seen trading higher, as the shared currency closed above the 1.0800 resistance area against the US dollar.

Italian Public Deficit/GDP

Earlier today during the London session in the Euro zone, the Italian Public Deficit/GDP i.e. the difference between the amount the government takes in as revenue against its overall spending relative to the GDP was released by the National Institute of Statistics. The expectation was not that high. The outcome was mixed as the Italian Public Deficit/GDP registered a rise of 2.3% in the fourth quarter of 2014. However, the last reading was revised down from 3.5% to 3%. There was one more thing to note as in the fourth quarter of 2014 the Italian gross Consumer Households saving rate was up by 8.6%.

The EURUSD pair stayed in the positive tone during the London session, and with the US dollar gaining there was no major impact on the pair.

Australian Trade Balance

Today during the Asian session, there was an important release lined up in Australia. The trade balance, which is the difference in the value of its imports and exports of Australian goods was released by the Australian Bureau of Statistics. The forecast was of a trade deficit of -1,300M in February 2015, compared to the last month. However, the outcome was a bit better than expected, as the Australian trade balance posted a deficit of -1,256M. Speaking in the terms of trend the balance on goods and services posted a deficit of $992m in February 2015. This was on the higher side, as it was up by $1m when compared to the preceding month deficit.

Furthermore, the goods and services credits in the seasonally adjusted terms was higher by $282m to $27,874m. The overall outcome was bit higher, but failed to help the Aussie dollar.

Technical Outlook – Aussie

There was a sharp downside reaction in AUDUSD, as the pair fell to a new weekly low and tested the 0.7540 level. More losses are feasible towards 0.7510.

Oliver Miller

Oliver Miller

"Patience is the key for success"

Oliver Miller is one of the best financial analyst with 18 years of online trading experience

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