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Update on Fed Chief Shopping Lands USDollar in a Gap

Update on Fed Chief Shopping Lands USDollar in a Gap

Benjamin Spier, Technical Strategist
  • Summers withdraws bid for Fed Chief
  • Empire Manufacturing at a four month low
  • US Dollar sets a 58 point gap

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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 09/13 to 08:00 09/16 EST

Update_on_Fed_Chief_Shopping_Lands_USDollar_in_a_Gap__body_Picture_1.png, Update on Fed Chief Shopping Lands USDollar in a Gap

Charts created by Benjamin Spier using Marketscope 2.0

The US Dollar set a significant 58 point gap between Friday’s close and Monday’s open, following a weekend headline that Lawrence Summers withdrew his bid to take over as Fed Chairman in January. Summers was considered to be the frontrunner against the more-dovish candidate Janet Yellen. Therefore, news that Summers was no longer in the running for the position weakened the US Dollar against the major pairs.

At the very beginning of the North American session on Friday, the US Dollar also declined a bit on a White House denial of a false story that Summers was chosen as President Obama’s nominee, as was explained in the last USD graphic rewind.

Finally, at the beginning of today’s North American session, US Dollar lost a bit more against majors when Empire State Manufacturing was unexpectedly announced at a four month low. The reaction to the release may exemplify the sensitivity to US economic releases in this ‘Septaper’ focused trading environment.

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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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