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Risk Appetite Fails to Move US Dollar

Risk Appetite Fails to Move US Dollar

Benjamin Spier, Technical Strategist
  • Risk appetite seen in equity markets fails to move US Dollar
  • Aussie rises against USD on stronger business confidence
  • Better Chinese data is followed by a greenback rally

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A look back at the past 24 hours of Forex trading using movements in the US Dollar Index

US Dollar 15-Minute 08:00 09/09 to 08:00 09/10 EST

Risk_Appetite_Fails_to_Move_US_Dollar_body_usd_rewind.png, Risk Appetite Fails to Move US Dollar

Charts created by Benjamin Spier using Marketscope 2.0

A clear risk-on attitude can be seen in global equity markets for a second day, as even more Chinese data beat expectations and US President Obama opened up the door for a possible diplomatic solution to Syria. However, after a bit of volatility, the US Dollar is trading only slightly lower in today’s session.

The US Dollar continued lower in yesterday’s North American session, possibly a winding down of the safe haven greenback in the risk-on environment, or maybe it was a further reaction to the worse than expected NFP numbers from last week.

Shortly after the US close, President Obama told NBC News that the Russian offer for Syria to allow international control of its chemical weapons is ‘potentially positive.’ However, Obama is still pursuing congressional approval of a strike on Syria. Although, there was no clear US Dollar reaction immediately following the comments, they were given some of the responsibility for the rise in risk-correlated Forex pairs in today’s session.

The US Dollar lost some ground in the Asian session last night, reflecting Aussie gains on the strongest business confidence in over 2-years.

Finally, better than expected Chinese industrial production was soon followed by a US Dollar rally over the rest of the European session.

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-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

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

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