Aussie Lower On Chinese Concerns
TFI Markets | Apr 16, 2014 04:00AM ET
The Australian dollar fell considerably on Tuesday, down around 0.90% on the day, ahead of important Chinese data tomorrow morning (GDP, industrial production). Traders are reluctant to push price higher than 0.9400 as Australia’s close trading ties with China would drag aud/usd lower on a poor Chinese GDP data. In addition, the Reserve Bank of Australia minutes released in the morning offered nothing new to traders prompting them to take some profit off the table.
Eur/usd traded lower in the morning on a weaker than expected German ZEW economic sentiment number (43.2 from 46.3 expected) but quickly found buyers on the dip, showing its resilience once again. Gbp/usd followed the same course on the release of the UK cpi data (1.6% as expected). It quickly fell to 1.6660 but quickly bounced back to reach 1.6750.
GBPUSD Daily chart
Price bounced off 1.6660 confirming the level as support and could lead to more gains as long as price does not break
lower.
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