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US Dollar Index Breaks Out of a 55 Point/Weekly Range

US Dollar Index Breaks Out of a 55 Point/Weekly Range

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar Index declines on Euro, Pound strength in the NY open
  • U. of Michigan disappointment adds to dollar weakness

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

US Dollar 15-Minute 08:00 09/27 to 08:00 09/30 EST

US_Dollar_Index_Breaks_Out_of_a_55_Point_Weekly_Range__body_Picture_1.png, US Dollar Index Breaks Out of a 55 Point/Weekly Range

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The US Dollar index has finally broken out of the 55 pip range set in last week’s trading, as a slight relief of worries over Euro-zone stability sent the Pound and Euro higher against the greenback.

The USD index fell to a weekly low at the start of the New York session on Monday, as a headline was released that 20 senators may break away from Berlusconi’s party to maintain support for PM Letta’s coalition. The headline explained the sudden rise in the two major European currencies against the Dollar.

On Friday, the US Dollar Index fell to a four day low, slightly after the release of the University of Michigan Confidence index at 77.5 and below expectations for 78.0.

Looking ahead, major stories like the potential government shutdown at midnight between Monday and Tuesday and the possible October taper may continue to influence US Dollar trading.

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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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