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U.S. Dollar Advances Following Lifted Net Purchase of U.S. Assets in July

U.S. Dollar Advances Following Lifted Net Purchase of U.S. Assets in July

2011-09-16 15:00:00
James Hao,
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THE TAKEAWAY: U.S. Long-term TIC Flows notches modest gain > Foreign demands pick up > USD Strengthens

A report released today by the Treasury Department showed that global demands for U.S. assets grew in July. According to the Treasury International Capital or TIC statement, the long-term net purchase increased by $6 billion to $9.5 billion, signaling that U.S. Treasurys regained reputation as safe-haven asset in response to the growing worries that European crisis could quickly imperil the vulnerable recovery of global economy.

U.S. Long-term Net TIC Flows: August 2008 to Present

New_document_2_body_Chart_3.png, U.S. Dollar Advances Following Lifted Net Purchase of U.S. Assets in July

China and Japan, the two largest foreign holders of U.S. Treasurys, raised their holdings by $8 billion and $3.8 billion respectively, adding a growing U.S. Dollar optimism. However, the print fell short of the median projection of $30 billion net buying from the Bloomberg survey, reflecting concerns from private foreign investors about the health and sustainability of U.S. economy.

USD/CAD 1-minute Chart: September 16, 2011

New_document_2_body_Picture_1.png, U.S. Dollar Advances Following Lifted Net Purchase of U.S. Assets in July

Charts created using Strategy Trader– Prepared by James Hao

The one-minute USD/CAD chart demonstrated a steady advance of U.S. Dollar shortly following the release, trimming some of its losses in the earlier trading. The U.S. Dollar lost its ground 10 minutes after the Treasury report, and the Relative Strength Indicator (RSI) stayed within the range between 30 and 70, indicating an oscillating movement without an apparent sign of overbought or oversold. At the time this report was written, the USD/CAD pair had regained bullish momentum in response to increasing demand for safety trade, amid speculation that European finance ministers meeting today would not solve the issues of deeply flawed currency union.

Written by James Hao

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

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