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Graphic Rewind: US Dollar Gaps Higher on Weak Chinese Exports

Graphic Rewind: US Dollar Gaps Higher on Weak Chinese Exports

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar gaps higher following Chinese trade data
  • Japanese GDP release fails to move USD/JPY

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

US Dollar Daily

Graphic_Rewind_US_Dollar_Gaps_Higher_on_Weak_Chinese_Exports_body_Picture_1.png, Graphic Rewind: US Dollar Gaps Higher on Weak Chinese Exports

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The Dow Jones FXCM US Dollar Index gapped five points higher on the Sunday evening open after Chinese trade data disappointed expectations.

Chinese exports declined 18.1% on a yearly basis in February, according to Saturday’s release. The exports decline disappointed expectations for a 7.5% annual rise in exports, and the trade balance fell to -$22.98 billion from a $31.87 billion surplus in January. AUD/USD posted a 25 pip weekend gap following the disappointing trade data.

The US Dollar continued higher through Monday’s trading despite a fairly quiet day. Japanese GDP was reported 0.2% higher in Q4 as expected, and USD/JPY did not significantly react to the news release.

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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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