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US Dollar Rewind: Tight Range Formed Despite Buildup of Anticipation

US Dollar Rewind: Tight Range Formed Despite Buildup of Anticipation

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar trading within a 55 point range for the fourth day
  • UK sales beat sends greenback lower

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

US Dollar 15-Minute 08:00 09/24 to 08:00 09/25 EST

US_Dollar_Rewind_Tight_Range_Formed_Despite_Buildup_of_Anticipation_body_Picture_1.png, US Dollar Rewind: Tight Range Formed Despite Buildup of Anticipation

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Despite a buildup of anticipation for US event risk, as was mentioned in yesterday’s graphic rewind, the US Dollar is trading for fourth day within a 55 point range. The effect of economic releases has been limited and focus remains on when the Fed will begin to taper.

Most of the volatility seen in the chart above was tough to pin on any particular story, and the brunt of the moves was seen across all four pairs that make up the US Dollar Index.

In the European session, UK CBI sales were reported at 34 for September, beating expectations for 23. The rise in Pound on the data helped continue driving the US Dollar Index lower.

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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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