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Hawkish Fed Chairman Rumors Send US Dollar Temporarily Higher

Hawkish Fed Chairman Rumors Send US Dollar Temporarily Higher

Benjamin Spier, Technical Strategist
  • Fed Chairman rumors send US Dollar higher temporarily
  • A technical decline in US jobs claims also lends false gains

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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 09/12 to 08:00 09/13 EST

Hawkish_Fed_Chairman_Rumors_Send_US_Dollar_Temporarily_Higher__body_Picture_1.png, Hawkish Fed Chairman Rumors Send US Dollar Temporarily Higher

Charts created by Benjamin Spier using Marketscope 2.0

Over the past 24 hours, US Dollar traders took a break from focusing on one Fed story to instead look at a different Fed related news headline.

During the Asian and European sessions, a strong rumor based an article from Japan’s Nikkei newspaper said that President Obama had decided to nominate Lawrence Summers as the Fed Chairman. Summers is considered more hawkish than the other potential nominee, Janet Yellen. Therefore, the US Dollar rose steadily on the rumors.

However, in the beginning of the North American session, the White House denied the Nikkei report, and the US Dollar Index fell back to 10,660.

On a smaller note, an extreme wick can be seen at 08:30 EST in yesterday’s trading, after the US Dollar Index spiked fifteen points and then immediately erased those gains. US initial jobless claims for September 7 were reported at the lowest level since October 2007. However, the improved number was quickly attributed to an update of two computer systems, causing the gains to be unwound.

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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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