{"id":67581,"date":"2023-08-08T11:31:11","date_gmt":"2023-08-08T08:31:11","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=67581"},"modified":"2025-10-13T13:07:15","modified_gmt":"2025-10-13T10:07:15","slug":"chinas-trade-data-enhance-market-worries","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/nl\/chinas-trade-data-enhance-market-worries\/","title":{"rendered":"China\u2019s trade data enhance market worries"},"content":{"rendered":"<p>The USD remained relatively unchanged yesterday before starting to gain during today\u2019s Asian session. On a monetary level, the rift between Fed officials regarding the future actions of the bank was highlighted yesterday as NY Fed President Williams stated that the bank may be nearing its peak rate implying that no more rate hikes would be required, as inflation has already started to come down. The statement seems to come into contrast with Fed Board Governor Bowman\u2019s statement that more rate hikes are required. We highlight the planned statements of Philadelphia Fed President Harker and Richmond Fed President Barkin today, with the heavy weight of attention being on the latter as he tends to lean more on the hawkish side. Overall and given the low number of high-impact financial releases stemming from the US today we expect fundamentals to lead the way for the USD.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"China\u2019s trade data increase market worries\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/pT17wa07AZQ?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>North of the US border, Loonie traders seem to prepare for the release of Canada\u2019s trade data for June. The trade deficit is expected to narrow and if actually so could provide some support for the CAD, which has weakened substantially against the USD during today\u2019s Asian session. Yet also a possible improvement of the market sentiment may provide some support for the Loonie, which as a commodity currency is considered a riskier asset. Furthermore, the path of oil prices could affect the CAD as Canada is a major oil-producing economy, with any rise in oil prices possibly clipping the possible losses of the CAD. USD\/CAD edged higher aiming for the 1.3450 (R1) resistance line during today\u2019s late Asian session. We tend to maintain a bullish outlook for the pair given that also the RSI indicator seems to be on the rise. Should the bulls actually take over we expect USD\/CAD to break the 1.3450 (R1) resistance line with the next possible target for the bulls being the 1.3565 (R2) resistance level. Should a selling interest be expressed by the market we may see the pair relenting any gains made, breaking the 1.3335 (S1) support line and start aiming for the 1.3230 (S2) support level.&nbsp;<\/p>\n\n\n\n<p>Across the world the Aussie also was on the retreat against the USD, given the rise of the greenback, but also there were substantial worries stemming from China\u2019s trade data for July. The trade surplus widened to US$80.6 billion, yet the widening was produced by a simultaneous wide contraction of the import and export growth rates. The release highlighted the headwinds faced by the Chinese economic recovery and could enhance the market uncertainty for the global economic outlook. Should such market worries be enhanced further we may see a detrimental effect on equities and oil prices as well as commodity currencies such as AUD, NZD and the CAD, while boosting safe-haven instruments such as the greenback. Currently, AUD\/USD edged lower aiming for the 0.6515 (S1) support line. We tend to see the case for a bearish outlook given that the downward trendline guiding the pair since the 27<sup>th<\/sup> of July, remains intact, there were renewed bearish tendencies in today\u2019s Asian session and the RSI indicator starts aiming for the reading of 30. For a clearcut bearish outlook though we would require a breaking of the 0.6515 (S1) support line and the pair to start aiming for the 0.6400 (S2) support barrier. Should the bulls take over the reins of the pair\u2019s direction we may see AUD\/USD initially breaking the prementioned downward trendline, signaling an interruption of the downward movement but also breaking the 0.6620 (R1) resistance line, aiming actively for the 0.6725 (R2) resistance level.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>Today in the European session, we note the release of Germany\u2019s final HICP rate for July. Oil traders may be more interested in the release of the weekly API crude oil inventories figure. During tomorrow\u2019s Asian session, we note the release of China\u2019s inflation metrics for July.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-cad-h4-chart\"><strong>USD\/CAD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/08\/image-37.png\" alt=\"support at one point three three three five and resistance at one point three four five, direction upwards  \" class=\"wp-image-67582\" title=\"usd-cad-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 1.3335 (S1), 1.3230 (S2), 1.3135 (S3)<\/p>\n\n\n\n<p>Resistance: 1.3450 (R1), 1.3565 (R2), 1.3650 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-h4-chart\"><strong>AUD\/USD&nbsp; H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/08\/image-38.png\" alt=\"support at zero point six five one five and resistance at zero point six six two, direction downwards \" class=\"wp-image-67583\" title=\"aud-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6515 (S1), 0.6400 (S2), 0.6285 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6620 (R1), 0.6725 (R2), 0.6845 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1994\" height=\"491\" src=\"\/wp-content\/uploads\/2023\/08\/image-39.png\" alt=\"\" class=\"wp-image-67584\" title=\"benchmark-08-08-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1061\" height=\"631\" src=\"\/wp-content\/uploads\/2023\/08\/image-41.png\" alt=\"\" class=\"wp-image-67594\" title=\"table-08-08-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1737\" height=\"1002\" src=\"\/wp-content\/uploads\/2023\/08\/image-40.png\" alt=\"\" class=\"wp-image-67585\" title=\"morning-releases-08-08-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The USD remained relatively unchanged yesterday before starting to gain during today\u2019s Asian session. On a monetary level, the rift<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-67581","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Forex blog - IronFX\u2122 | The Global Leader In Online Trading<\/title>\n<meta name=\"description\" content=\"The USD remained relatively unchanged yesterday before starting to gain during today\u2019s Asian session. 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