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Graphic Rewind: Improved Trade Deficit Fails to Stop an Aussie Selloff

Graphic Rewind: Improved Trade Deficit Fails to Stop an Aussie Selloff

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar takes gains against the Aussie despite an improved trade deficit
  • The greenback rallies in the NY session, then quickly erases the gains

A look back at the past 24 hours of Forex trading using movements in the US Dollar Index:

US Dollar 15-Minute 12:00 01/06 to 12:00 01/07 EST

Graphic_Rewind_Improved_Trade_Deficit_Fails_to_Stop_an_Aussie_Selloff_body_Picture_1.png, Graphic Rewind: Improved Trade Deficit Fails to Stop an Aussie Selloff

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The Dow Jones FXCM Dollar Index is trading higher in Tuesday’s session following rallies in the Tokyo and New York session.

The US Dollar jumped against the Aussie following a better than expected Australian trade balance. The exports amount remained unchanged in November, and the 1% decline in imports may have warned traders of a drop in demand in Australia, therefore sending the Aussie lower.

An expected decline in Euro-zone inflation failed to budge the Euro and couldn’t stop an ensuing fall in the US Dollar index over the first half of the London session. Then, the greenback rallied to just short of a 2-week high set last week at 10,725, before soon erasing all of the NY session gains.

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Charts created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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