{"id":29198,"date":"2015-08-12T13:47:28","date_gmt":"2015-08-12T20:47:28","guid":{"rendered":"http:\/\/drduru.com\/onetwentytwo\/?p=29198"},"modified":"2015-08-12T13:47:28","modified_gmt":"2015-08-12T20:47:28","slug":"australian-dollar-poised-for-a-bounce-after-holiday-trading-overreacts-to-economic-data","status":"publish","type":"post","link":"https:\/\/drduru.com\/onetwentytwo\/2015\/08\/12\/australian-dollar-poised-for-a-bounce-after-holiday-trading-overreacts-to-economic-data\/","title":{"rendered":"Australian Dollar Poised for A Bounce After Holiday Trading Overreacts to Economic Data"},"content":{"rendered":"<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on July 6, 2015. <a href=\"http:\/\/seekingalpha.com\/article\/3303875-australian-dollar-poised-for-a-bounce-after-holiday-trading-overreacts-to-economic-data\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n<p>On Wednesday, July 1, 2015 the Australian Bureau of Statistics (ABS) released <a href=\"http:\/\/www.abs.gov.au\/ausstats\/abs@.nsf\/mf\/5368.0\" target=\"_blank\">international trade data for May<\/a> which suggested that April&#8217;s big plunge may have been quite an aberration. On a seasonally adjusted basis, Australia&#8217;s balance on goods and services jumped 33% from -$4.14B to -$2.75B (AUD). <\/p>\n<p><center><br \/>\n<figure id=\"attachment_29201\" aria-describedby=\"caption-attachment-29201\" style=\"width: 365px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaBalanceOnGoodsAndServices.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaBalanceOnGoodsAndServices.png\" alt=\"Australia&#039;s trade balance rebounds although the recent downtrend remains in place.\" width=\"375\" height=\"297\" class=\"size-full wp-image-29201\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaBalanceOnGoodsAndServices.png 375w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaBalanceOnGoodsAndServices-300x238.png 300w\" sizes=\"auto, (max-width: 375px) 100vw, 375px\" \/><\/a><figcaption id=\"caption-attachment-29201\" class=\"wp-caption-text\">Australia&#8217;s trade balance rebounds although the recent downtrend remains in place.<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.abs.gov.au\/ausstats\/abs@.nsf\/mf\/5368.0\" target=\"_blank\">International Trade in Goods and Services, Australia, May 2015<\/a> from the Australian Bureau of Statistics (ABS)<\/strong><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p>All-in-all, the report on imports and exports was relatively sound. Of course, Australia is still contending with a downtrend in its trade balance as shown by the above chart. The immediate impact on the Australian dollar was minimal. Traders reflexively sold the Australian dollar (FXA) in the first 15 minutes or so of trading. Within a few hours, the Australian dollar completely recovered and then some (see the chart at the end of this piece for more detail). The real impact on the Australian dollar came in the wake of retail sales data that preceded the U.S. Independence Day trading holiday.<\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_29204\" aria-describedby=\"caption-attachment-29204\" style=\"width: 401px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaRetailTurnover.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaRetailTurnover.png\" alt=\"After a rapid period of growth in the second half of 2013, retail sales in Australia have roughly stayed on a flat growth rate\" width=\"411\" height=\"266\" class=\"size-full wp-image-29204\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaRetailTurnover.png 411w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AustraliaRetailTurnover-300x194.png 300w\" sizes=\"auto, (max-width: 411px) 100vw, 411px\" \/><\/a><figcaption id=\"caption-attachment-29204\" class=\"wp-caption-text\">After a rapid period of growth in the second half of 2013, retail sales in Australia have roughly stayed on a flat growth rate<\/figcaption><\/figure><br \/>\n<strong>Source: <a href=\"http:\/\/www.abs.gov.au\/ausstats\/abs@.nsf\/Latestproducts\/8501.0Main%20Features2May%202015?opendocument&#038;tabname=Summary&#038;prodno=8501.0&#038;issue=May%202015&#038;num=&#038;view=\" target=\"_blank\">The Australian Bureau of Statistics<\/a> (ABS)<\/strong><br \/>\n<\/center><\/p>\n<p>I was quite surprised by the extremely strong and sustained sell-off on the Australian dollar in response to these numbers. I strongly suspect that low liquidity form holiday trading in the U.S. was at least partially responsible. {snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_29199\" aria-describedby=\"caption-attachment-29199\" style=\"width: 490px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_ASXRateTracker.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_ASXRateTracker.png\" alt=\"Market expectations for a rate cut from the Reserve Bank of Australia (RBA) remain at a rock bottom 5%\" width=\"500\" height=\"220\" class=\"size-full wp-image-29199\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_ASXRateTracker.png 500w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_ASXRateTracker-300x132.png 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/a><figcaption id=\"caption-attachment-29199\" class=\"wp-caption-text\">Market expectations for a rate cut from the Reserve Bank of Australia (RBA) remain at a rock bottom 5%<\/figcaption><\/figure><br \/>\nSource: <a href=\"http:\/\/www.asx.com.au\/prices\/targetratetracker.htm\" target=\"_blank\">ASX RBA Rate Indicator<\/a><br \/>\n<\/center><\/p>\n<p>{snip}<\/p>\n<p><center><br \/>\n<figure id=\"attachment_29205\" aria-describedby=\"caption-attachment-29205\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD.png\" alt=\"The Australian dollar breaks down to new multi-year lows against the U.S. dollar and hits RBA Governor Glenn Steven&#039;s presumed 0.75 target\" width=\"550\" height=\"375\" class=\"size-full wp-image-29205\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-29205\" class=\"wp-caption-text\">The Australian dollar breaks down to new multi-year lows against the U.S. dollar and hits RBA Governor Glenn Steven&#8217;s presumed 0.75 target<\/figcaption><\/figure><\/p>\n<figure id=\"attachment_29206\" aria-describedby=\"caption-attachment-29206\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD-15min.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD-15min.png\" alt=\"The immediate reaction to the international trade data was quickly reversed while retail sales data helped drive a sustained sell-off\" width=\"550\" height=\"375\" class=\"size-full wp-image-29206\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD-15min.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_AUDUSD-15min-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-29206\" class=\"wp-caption-text\">The immediate reaction to the international trade data was quickly reversed while retail sales data helped drive a sustained sell-off<\/figcaption><\/figure>\n<p><figure id=\"attachment_29207\" aria-describedby=\"caption-attachment-29207\" style=\"width: 540px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_GBPAUD.png\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_GBPAUD.png\" alt=\"The soaring uptrend on GBP\/AUD continues\" width=\"550\" height=\"375\" class=\"size-full wp-image-29207\" srcset=\"https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_GBPAUD.png 550w, https:\/\/drduru.com\/onetwentytwo\/wp-content\/uploads\/2015\/07\/150703_GBPAUD-300x205.png 300w\" sizes=\"auto, (max-width: 550px) 100vw, 550px\" \/><\/a><figcaption id=\"caption-attachment-29207\" class=\"wp-caption-text\">The soaring uptrend on GBP\/AUD continues<\/figcaption><\/figure><br \/>\n<strong>Source for charts: <a href=\"http:\/\/www.freestockcharts.com\/platform\/v1\" target=\"_blank\">FreeStockCharts.com<\/a><\/strong><br \/>\n<\/center><\/p>\n<p>Be careful out there!<\/p>\n<p>Full disclosure: net long the Australian dollar, net long the British pound<\/p>\n<p><strong>(This is an excerpt from an article I originally published on Seeking Alpha on July 6, 2015. <a href=\"http:\/\/seekingalpha.com\/article\/3303875-australian-dollar-poised-for-a-bounce-after-holiday-trading-overreacts-to-economic-data\" target=\"_blank\">Click here to read the entire piece<\/a>.)<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(This is an excerpt from an article I originally published on Seeking Alpha on July 6, 2015. Click here to read the entire piece.) On Wednesday, July 1, 2015 the Australian Bureau of Statistics (ABS) released international trade data for May which suggested that April&#8217;s big plunge may have been quite an aberration. On a &#8230; <a title=\"Australian Dollar Poised for A Bounce After Holiday Trading Overreacts to Economic Data\" class=\"read-more\" href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/08\/12\/australian-dollar-poised-for-a-bounce-after-holiday-trading-overreacts-to-economic-data\/\">Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[386,59,20,338],"tags":[308,310,309,1373],"class_list":["post-29198","post","type-post","status-publish","format-standard","hentry","category-australia","category-economy","category-forex","category-retail","tag-audusd","tag-australian-dollar","tag-fxa","tag-trade-balance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australian Dollar Poised for A Bounce After Holiday Trading Overreacts to Economic Data - ONE-TWENTY TWO: Trading Financial Markets<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/drduru.com\/onetwentytwo\/2015\/08\/12\/australian-dollar-poised-for-a-bounce-after-holiday-trading-overreacts-to-economic-data\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australian Dollar Poised for A Bounce After Holiday Trading Overreacts to Economic Data - ONE-TWENTY TWO: Trading Financial Markets\" \/>\n<meta property=\"og:description\" content=\"(This is an excerpt from an article I originally published on Seeking Alpha on July 6, 2015. 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Click here to read the entire piece.) On Wednesday, July 1, 2015 the Australian Bureau of Statistics (ABS) released international trade data for May which suggested that April&#8217;s big plunge may have been quite an aberration. On a ... 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