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August 9, 2016

FXNet, Greenbacks gains on "Rate Hike" expectations & China Trade Balance lowering Aussie

Financial Market following “US Interest Hike Expectation”.

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This article is originally referred from FXNet Market News.

The US dollar saw gains during Monday’s trading sessions, as expectations for an interest rate hike lingered from Friday’s positive job’s report which sparked hope that a rate hike will happen this year.

EUR/USD lost 0.03 percent trading between 1.1072 and 1.1105 before closing the afternoon session at 1.1084. The pair was expected to find support at 1.0959 and resistance at 1.1233.

The greenback was also higher than the Australian dollar, AUD/USD lost 0.16 percent trading at 0.7639.

The NAB business confidence in Australia was at plus-4 in July, from June’s plus-6. The NAB business survey was at plus-8 from plus-12.

The Aussie which is considered a commodity currency was also affected by Chinese trade data which showed that the Chinese Consumer Price Index (CPI) for July was 0.2 percent higher, below expectations of a 1.8 percent increase while the Producers’ Price Index (PPI) declined by 1.7 percent.

USD/JPY added 0.06 percent trading at 102.51

The US dollar index which measures the greenback against a basket of six other major currencies added 0.12 percent trading at 96.4.

Original Source: FXNet Market News

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