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Forex Flash: USD underpinned by technical factors and weak Chinese data - BBH

By FXstreet.com,  August 10, 2012, 07:24:00 AM EDT

FXstreet.com (Córdoba) - The US dollar is trading at its best levels for the week and according to BBH analysts, two factors seem to be behind the firmer tone.

"The first is technical. The lack of follow through dollar selling after last week's poor close is prompting some position adjusting", they say. "Second, disappointing Chinese data (trade and bank loans) renews fears that the world's second largest economy has not yet bottomed and this fanned the risk-off. This is also evident in the equity markets, which are finishing the weak on a down note".

"Spain and Italian yields are slight higher in both the short and long ends, but largely consolidating the recent sharp decline in yields seen in anticipation of official action next month", BBH adds.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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