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Home / Futures Blog / Aussie climbs against dollar after initial losses

Aussie climbs against dollar after initial losses

July 9, 2013 by Daniels Trading

The Australian dollar reversed early-session losses against the world's reserve currency on Tuesday, benefiting from one of its top trade partners releasing stronger-than-projected economic data, Bloomberg reports.

The Aussie also was propelled higher by market sentiment noting inclinations as of late against it were overdone. The Aussie slipped 0.6 percent against the U.S. dollar early during the Tuesday trade session and had touched its three-year trough earlier this month against the U.S. dollar.

"The higher China inflation suggests less likelihood the People's Bank of China will provide monetary policy support," currency strategist Joseph Capurso with Commonwealth Bank of Australia in Sydney told the publication on Tuesday. "The market has marked down demand for Australian exports to China, and pushed down the Aussie."

Losses for the Australian dollar against its cross-Pacific rival during the past three months have climbed as high as 9.4 percent, and the Aussie has distinguished itself as the worst-performing of 10 developing nation currencies that Bloomberg follows.

Annual inflation in China advanced 2.7 percent last month, pushing ahead of the forecast for 2.5 percent, according to The Business Spectator.

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This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

Filed Under: Archived News

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Risk Disclosure

This material is conveyed as a solicitation for entering into a derivatives transaction.

This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.

Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.

Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.

You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.

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