British Pound Rallies amid Rise in U.K. Trade Balance
The U.S. Dollar finished higher on Tuesday against a trade
weighted basket of currencies while losing ground to the British Pound and
Japanese Yen. Risk aversion was high as demand for safer assets rose after Chinaâ€™s central
bank took action to prevent the economy from overheating. This was a strong
hint that it was prepared to raise interest rates and end government stimulus
The GBP USD opened slightly better and advanced throughout
the day following a report which showed the U.K. trade balance narrowed.Traders attributed the improvement to an
increase in exports.
Demand for lower-yielding assets helped pressure the USD
JPY.Early last night, selling pressure
helped create a new main top at 93.77.Based on the monthly range of 84.83 to 93.77, the chart indicates plenty
of room to the downside with 89.30 a potential downside target.
The news from China helped weaken demand for
higher yielding assets and consequently the EUR USD early in the trading
session. Since the opening, however, the Euro was able to fight back to finish
slightly better under choppy trading conditions.
A drop in demand for higher yielding assets helped to bolster
the USD CHF.In addition, traders were
still expressing concerns that the recent rapid rise in the Swiss Franc versus
the Euro would bring an intervention by the Swiss National Bank to the market.
The USD CAD rallied on today following Mondayâ€™s closing
price reversal bottom. Investors were reacting to hawkish comments from
Canadian Prime Minister Harper.On
Monday he expressed his concern that the rapid rise in the Canadian Dollar would
have possible negative effect on the economy.His comments served as a verbal intervention.Weaker crude oil and gold also helped to pressure
the Canadian Dollar today.
News that China
was readying to apply a tight monetary policy led to selling pressure in the
AUD USD.On Monday, the AUD USD surged
after a greater than expected rise in Chinese imports. In hindsight, this
report looks like it may have been a last second buying spree ahead of a
possible interest rate hike by Chinaâ€™s
central bank.Similar fundamental
pressure is building in the NZD USD which could send this pair to .7203 over
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