Dollar Takes Control As Risk Fades

Dollar Takes Control As Risk Fades

By: James Ansher | Where To Trade | On:13-04-2015 17:22
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Key Highlights

  • Risk assets including the Euro and the Australian dollar moved lower against the US dollar, as economic releases published during the Asian session in China missed the expectation.

  • Chinese Trade Balance i.e. a balance between exports and imports of total goods and services released by the General Administration of Customs of the People’s Republic of China registered a trade surplus of $3.08B in March 2015, compared to the forecast of a $45.35B trade surplus.

  • Chinese exports declined by 15% in March 2015 whereas the market was expecting it to increase by 12%, and the last rise was of 48.3%.

  • Chinese of goods and services also registered a decline of 12.7% more than the forecast.

  • France current account report representing the net flow of current transactions, including goods, services and interest payments into and out of France released by the Banque de France registered a reading of €-1.8B in Feb 2015, compared to the last reading of €-0.3B.

  • Italian Industrial Output representing the volume of production of Italian industries such as factories and manufacturing released by the National Institute of Statistics registered an increase of 0.6% in March, compared to the preceding month and forecast was of a 0.5% rise.

  • In terms of the yearly change, the Italian Industrial Output gained by 0.3%.

  • EURUSD declined and almost tested the 1.0500-20 support area.

Italian Industrial Output

In the Euro zone, there was hardly any major release. However, a couple of low-risk releases were Italian Industrial Output and French current account. The first one was the Industrial Output representing the volume of production of Italian industries such as factories and manufacturing, which was released by the National Institute of Statistics. The forecast was lined up for an increase of 0.5% in March 2015, compared to the preceding month on the seasonally adjusted terms. However, the outcome was well above the forecast, as the Italian Industrial Output gained by 0.6%. In terms of the yearly change, Italian Industrial Output declined by 0.2% in March 2015, compared to the same month a year ago which lower compared to the forecast of a 1.3% decline.

The outcome was overall on the positive side, but failed to help the Euro to any extent. The EURUSD pair was under bearish pressure which ignited downside reaction in the short term.

France Current Account

There was one more release lined up, as the France current account report representing the net flow of current transactions, including goods, services and interest payments into and out of France was released by the Banque de France. The outcome was a bit lower with a reading of -1.80B in February 2015, compared to the forecast of -1.20B.

Technical Outlook – Euro

The Euro continued to struggle against the US dollar, and fell below the 1.0550 level to test the 1.0530 level. More losses cannot be denied in the short term, and a test of the all-important 1.0500 is also possible. On the upside, the 1.0550-60 might act as a resistance.

 

James Ansher

James Ansher

When there is a will there is a trade

A successful Forex trader and expert advisor

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