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USD Graphic Rewind: Dollar Index Gets Pounded on Fading Egyptian Concerns, Rising EZ Inflation

USD Graphic Rewind: Dollar Index Gets Pounded on Fading Egyptian Concerns, Rising EZ Inflation

2011-02-01 06:58:00
Jonathan Granby,
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USD_Graphic_Rewind_body_dxy2.png, USD Graphic Rewind: Dollar Index Gets Pounded on Fading Egyptian Concerns, Rising EZ Inflation

The dollar index took a beating on Monday, posting a bearish outside day as safe haven plays from Friday were unwound amid fading worries about turbulence from the Middle East. The buck was mildly bid going into the European session as Asia/Pacific equities wobbled as investor sentiment remained shaky on Egypt-related concerns. However, the higher than expected Euro-zone CPI estimate for January refocused attention and got the euro moving higher against most of its trading pairs, boosting risk appetite. Investors began to unwind some safe haven plays which had driven gold and safety currencies higher on Friday and focused on US earnings and data. While the turmoil in Egypt continues, since the nation’s currency, stock market & exports are not particularly important or noteworthy to the financial markets concerns regarding the region faded throughout the day.

As a result the greenback was under immense pressure and gave back all of Friday’s gains as the euro raced higher. The dollar index ended up posting a bearish outside day, whereby the index posted an early higher high but then sunk to a lower low and closed in the red, on daily charts indicating that further losses are on the horizon. The above target inflation reading in the EZ yesterday is driving investors to believe that the ECB will be forced to act sooner than late in the year to tamp down prices, lifting the euro. There is a full docket of data today in Europe, most notably European PMI readings, ahead of US ISM data due early in the NY session.

Written by Jonathan Granby, DailyFX Research Team

If you wish to contact the author with comments or questions email instructor@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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