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US Dollar Rewind: 'Octaper' Pop Soon Erased in Post-Weekend Trading

US Dollar Rewind: 'Octaper' Pop Soon Erased in Post-Weekend Trading

2013-09-23 15:02:00
Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar gained on Bullard’s Octaper suggestion
  • Aussie gains against greenback on Chinese PMI
  • Euro-zone PMI lacks US Dollar effect

Want to trade with proprietary strategies developed by FXCM? Find out how here.

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

US Dollar 15-Minute 08:00 09/20 to 08:00 09/23 EST

US_Dollar_Rewind_Octaper_Pop_Soon_Erased_in_Post-Weekend_Trading_body_Picture_1.png, US Dollar Rewind: 'Octaper' Pop Soon Erased in Post-Weekend Trading

Charts created by Benjamin Spier using Marketscope 2.0

The past 24 hours of US Dollar Index trading, which began with the North American session last Friday, saw a significant amount of volatility, but the volatility only totaled a 20 point move downwards.

The greenback moved higher against major currencies ahead of the open of US equities on Friday, when voting Fed member Bullard suggested that the Fed may taper in October. The suggested taper date was sooner than many analysts had forecasted, after the central bank broke away from expectations in September and didn’t decrease its monthly 85 billion US Dollars of monthly quantitative easing.

The losses in US Dollar trading during the Asian session this morning worsened after HSBC’s Chinese manufacturing PMI was reported better than expected for September. The improved Chinese data supported the Aussie against the US Dollar, as China is Australia’s top trading partner and a critical source of demand for its mining sector.

During the European session, a slightly better than expected Euro-zone composite PMI didn’t have a significant effect on US Dollar trading.

New to Forex? Watch this video

-- 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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