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U.S. Dollar Volatile But Higher After Weak Offshore Data, Fed Comments

U.S. Dollar Volatile But Higher After Weak Offshore Data, Fed Comments

Christopher Almeida,
U.S._Dollar_Volatile_But_Higher_After_Weak_Offshore_Data_Fed_Comments_body_rewind_17th_may_2013.png, U.S. Dollar Volatile But Higher After Weak Offshore Data, Fed Comments

Created Using Marketscope 2.0

THE TAKEAWAY: The U.S. Dollar had a volatile but strong week, after weak offshore data saw the currency gain as well as comments by the San Francisco Regional President of the Federal Reserve.

The U.S. Dollar had a fairly subdued start to the week, and then embarked on a rally as the Euro fell sharply on news that the German ZEW Survey disappointed. The ZEW survey, which is an economic sentiment indicator printed a number of 36.4 which was significantly less than the expected value of 40.0. Further strength in the Greenback was seen as German GDP showed a growth figure of -1.4 per cent versus a previous figure of 0.0 per cent and an expected value of 0.2 per cent. This sent the Euro weaker against most of its major counterparts and the U.S. Dollar Index strengthened to above 10,750.

Volatility came from domestic data showing that the Producer Price Index came in at 0.6 per cent disappointing analysts who were expecting 0.8 per cent. This, and a less than expected American Consumer Price Index value of 1.7 per cent, caused the Greenback to weaken as the week came to a close. Support for the U.S. Dollar came late in the week as the Fed’s John Williams said that the Fed could end its bond-buying program late this year.

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