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US Dollar Rewind: Aussie Weakness Helps Index Pare Earlier Losses

US Dollar Rewind: Aussie Weakness Helps Index Pare Earlier Losses

Benjamin Spier, Technical Strategist
  • US Dollar declines in yesterday’s session as the S&P gains momentum
  • Aussie weakness helps greenback index pare losses
  • US Dollar dips temporarily during Carney testimony

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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 09/11 to 08:00 09/12 EST

US_Dollar_Rewind_Aussie_Weakness_Helps_Index_Pare_Earlier_Losses_body_Picture_1.png, US Dollar Rewind: Aussie Weakness Helps Index Pare Earlier Losses

Charts created by Benjamin Spier using Marketscope 2.0

The US Dollar index saw a bit of a decline over the first half of the past past 24 hours of trading, but most of the decline was erased by a disappointing Australia employment release.

The greenback lost nearly fifty pips during New York trading hours yesterday against the four majors that make up the US Dollar index. There was no clear news story behind the movement, and the S&P futures moved higher over those same hours.

During the Asian session last night, AUD/USD lost nearly sixty points on a surprise decline in Australian job changes in August. The unemployment rate also rose to 5.8% in July, and the participation rate fell to the lowest since 2006. The decline in Aussie sent the USDollar index back in the direction of 10,700.

There was a temporary decline in the US Dollar index during the European session, corresponding to a rise in the Pound against the Dollar. Governor Carney testified in the UK parliament and said that the BoE is still focused on inflation rates, despite the new unemployment threshold. The Pound rise was temporary, as was the dip in USDollar.

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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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