Aussie Dollar Lifted by Sentiment and Economic Data

| Thursday, 2 February 2012 12:34
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(eToro Blog) The Aussie Dollar gained against the U.S. Dollar after the release of positive economic reports from Australia. Australian trade surplus increased to 1.7 billion Australian dollars in December. This was much higher than analyst expectations of a surplus of 1.2 billion Australian dollars. In November, the trade surplus printed at 1.3 billion Australian dollars. Exports rose by 2% to 27.8 billion Australian dollars and imports rose by 1% to 26.1 billion Australian dollars. This is a positive sign for the Australian economy which indicates that the economy has been able to fight off the effects of the global economic slowdown. In a separate report, housing approvals for December fell 1%. This was worse than the 4% rise expected by analysts.

OpenBook trader erohal2009 closed profitable positions on the AUDUSD by going against the trend. This trader shorted the AUDUSD near 1.0730 and closed it for gains between 13% and 14% when the AUDUSD dropped to 1.0700. After booking profits at 1.0700, this trader opened a second short with target at 1.0675. This trader has 97 copiers and 618 followers so far on OpenBook. The trader has performed well in the past thirty days returning 25% gains.

OpenBook trader Dashing4xPro has been looking for opportunities to short the Japanese Yen. This trader has booked profitable positions on the GBPJPY, EURJPY and AUDJPY in the last twenty four hours with gains from 3.2% to 8.5%. With the Japanese Yen reaching towards it record high levels once again; there is a high likelihood of intervention. Trader Dashing4xPro is up 17.1% this week and is holding long positions with the GBPJPY with targets between 124.00 and 127.00. The trader has 256 copiers and 2256 followers so far on OpenBook.

Asian markets were up for the day following the gains on Wall Street. The Japanese Nikkei was up 67 points, the Hang Seng was up 376 points, the Shanghai index was up 47 points and the Australian S&P ASX was up 42 points for the day. Traders on OpenBook are primarily long the AUDUSD with average limits at 1.0800 and stops at 1.0550.

Copyright 2012 eToro Blog

Note: Past performance is not an indication of future results. This post is not investment advice. CFD trading bears risk to your capital.
| Thursday, 2 February 2012 12:34
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308
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