Concerns about Slowdown in Chinese Economy Boosts U.S. Dollar
The U.S. Dollar is trading higher against a basket of
currencies as traders seem to have taken risk out of the equation.Earlier in the week, China announced
measures to tighten up bank lending requirements.This is raising concerns that Chinaâ€™s economy
may slowdown, thus decreasing demand for commodities and other higher risk
economic reports will highlight inflation and production.The Consumer Price Index is expected to show
little growth with guesses ranging from 0% to 0.1%.Industrial Production is expected to increase
by 0.6% to 71.9%
Although these reports are expected to produce knee-jerk
reactions in the Forex markets today, the primary focus will be on risk sentiment.
This weekâ€™s move by China
is telling the market that interest rates will be rising and the government is
getting ready to slowdown, if not end, its stimulus measures.
The EUR USD is trading weaker as traders are raising
concerns about Greeceâ€™s
ability to gain control of its debt issues.The daily chart indicates that a short-term range has been formed at
1.4217 to 1.4579.This range creates a
retracement zone at 1.4386 to 1.4217.Overnight, the upper end of this zone was tested.
Overnight, the GBP USD tested a major 50% price at 1.6355
and sold off.The main range is 1.6870
to 1.5832.A key retracement zone has
been formed at 1.6355 to 1.6478.A new
short-term range has been formed at 1.5895 to 1.6354.This range sets up the next possible downside
target at 1.6125 to 1.6036.
Concerns over a slowdown in the Chinese economy are driving
traders to lower yielding assets, namely the Japanese Yen. Overnight the USD
JPY is trading weaker.Based on the main
range of 84.83 to 93.77, the charts indicate that 89.30 is the next downside
After trading in a tight range for most of this week, the
USD CHF is finally showing upside momentum following a breakout over
1.0212.A new short-term range has been
formed at 1.0507 to 1.0130. This range sets up a possible short-term
retracement to 1.0318 to 1.0363.
The USD CAD held the October bottom at 1.0205 and is now
trading higher.The last time the market
was down at this level, the Canadian government issued a stern statement
regarding its concerns over the rise in the Canadian Dollar and its negative
impact on the economy.This week, Prime
Minister Harper voiced similar concerns.Shorts have to be nervous in this area out of fear the BoC may apply
measures to the market to weaken its currency.
A weaker Chinese economy will have a direct effect on the
Australian economy.This is causing
speculators to take short positions at current levels while some longs take
profits after a sharp rise. Earlier in the week, the AUD USD posted a strong
gain on speculation the Reserve Bank of Australia would raise interest rates a
third time in February.After spiking
higher on Thursday, the Aussie failed to attract fresh buying.The daily chart indicates plenty of room to
the downside with .9031 to .8961 the next potential downside target.
A slowdown in the Chinese economy will also have a negative
impact on the New Zealand
economy.This chart is also indicating
the NZD USD is vulnerable to the downside.The next possible downside target is .7266 to .7150.
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