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
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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 bbspier@fxcm.com .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts from FXCM.
Source: Daily fx
