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US Dollar Rewind: Tight Range Remains Towards End of the Week

US Dollar Rewind: Tight Range Remains Towards End of the Week

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar Index remains in a 55-point range
  • Carney comments send greenback lower

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

US Dollar 4-Hour 08:00 09/20 to 08:00 09/27 EST

US_Dollar_Rewind_Tight_Range_Remains_Towards_End_of_the_Week_body_Picture_1.png, US Dollar Rewind: Tight Range Remains Towards End of the Week

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Looking back at the last week of movements in the US Dollar Index, the lack of volatility continues to surprise many traders in the context of escalating US related stories. Following an initial paring of most the index’s losses after the September’s no taper surprise, the greenback index entered a 55 point range over the past week. Building stories like the possible upcoming government shutdown, the question of a taper in October, and the nomination of a replacement for outgoing Fed Chief Bernanke have failed to leave the US Dollar with any definite direction.

US Dollar rallied at the end of last week, further rising on Fed’s Bullard’s comments that the Fed may taper as soon as October. However, the US Dollar erased those gains at the start of the new week, partially because of a rise in the Chinese manufacturing PMI, which sent the greenback lower against the Aussie.

On Tuesday, a disappointing German IFO Business Climate survey sent the US Dollar higher against the Euro, and the index reached closer to the range top. But, on Wednesday, those gains were erased, including a decline in the greenback against the Pound, following a better than expected UK CPI sales number.

Finally, earlier in today’s trading, BoE Governor Carney’s comments that there is no need for more QE sent the Pound higher against the US Dollar.

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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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