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A Volatile US Dollar Finds Direction on German IFO Index

A Volatile US Dollar Finds Direction on German IFO Index

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar rises on disappointing German IFO
  • Fed focus adds to volatility

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

US Dollar 15-Minute 08:00 09/23 to 08:00 09/24 EST

A_Volatile_US_Dollar_Finds_Direction_on_the_German_IFO_Index_body_Picture_1.png, A Volatile US Dollar Finds Direction on German IFO Index

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Over the past week, it has been tougher to write the US Dollar Graphic Rewind and specifically point out turns in the US Dollar Index. Greenback traders remain focused on when the Fed will start to taper its 85 billion dollars of monthly stimulus, and other stories like the upcoming nomination of a new Fed chief and a possibly imminent debt ceiling have also been moving dollar prices. Therefore, volatility in charts, like the one above, has been hard to connect to specific stories.

The one clear market moving headline from the past 24 hours of trading was reported during the European session. The German IFO Business Climate survey disappointed expectation and was reported at 107.7 for September. The decline in the Euro against the greenback contributed to gains in the US Dollar index.

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Charts created by Benjamin Spier using Marketscope 2.0

-- 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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