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12/03-12   -   Press releases

Aussie slips on Chinese trade balance data

The weekend newsflow has been generally neutral but early this morning, Chinese trade deficit numbers have caused a continuation of Friday´s negative bias. China´s trade deficit expanded on the back of slow demand from a weakened Eurozone, sparking concerns that China´s spectacular growth story may be running out of steam.

The biggest casualty so far this morning has been the AUD/JPY which is down 0.52% this morning. The EUR/JPY is also struggling this morning with the pair down 0.27%.

Things are quieter on the dollar pairs, with the dollar generally showing gains so far this morning. The dollar index has been on a strong two week run. The AUD/USD is down 0.25%. Gold is also suffering, with the precious metal down around 0.50%.

The economic calendar is considerably lighter than Friday´s packed itinerary, with US Federal budget balance the only real economic item of note today. However, there will no doubt be a few tape bombs to come this week from the Eurozone.

The GBP/USD has shown an interesting pattern recently of big sell offs followed by smaller gains. So far, the pattern is playing out again this morning with small gains coming on the GBP/USD after Friday´s big losses. While the upside from here might be limited, at least there appears to be a bias in that direction. A good way to play this on might be a HIGHER trade predicting that the GBP/USD closes above 1.5700 in 1 days time for a potential return of 113%.

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