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US Dollar Rewind: North American Session Sees Gains on Manufacturing

US Dollar Rewind: North American Session Sees Gains on Manufacturing

Benjamin Spier, Technical Strategist
  • US Dollar begins rally on manufacturing beat
  • Potential Fed candidate Kohn makes hawkish comments
  • USD pares earlier gains despite dovish RBA minutes

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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 09/16 to 08:00 09/17 EST

US_Dollar_Rewind_North_American_Session_Sees_Gains_on_Manufacturing_body_Picture_1.png, US Dollar Rewind: North American Session Sees Gains on Manufacturing

Charts created by Benjamin Spier using Marketscope 2.0

The US Dollar saw some significant gains over yesterday’s North American session. The gains seemed to initially be sparked by a better than expected Empire Manufacturing Index, and did not slow for a slightly disappointing US industrial production for August.

However, the greenback may have continued to rise on a headline involving the newer candidate for Fed chief, Donald Kohn. Kohn said that easy monetary policies risk creating financial problems. The statement seemed to place Kohn as the more hawkish alternative to Yellen, after former potential Fed Chief candidate Summers withdrew his bid.

Right before the start of the European session, the US Dollar Index showed a reversal of some of the earlier gains. The declines continued after a brief pause following the release of RBA minutes, which sent AUD/USD lower on comments that there is still room for another rate cut.

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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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