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Graphic Rewind: US Dollar Sets a Weekly High on Yen and Pound Weakness

Graphic Rewind: US Dollar Sets a Weekly High on Yen and Pound Weakness

2013-10-09 17:31:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar declines slightly on news of Yellen’s nomination
  • Pound declines on disappointing production data
  • BoJ outlook improves in Fed minutes
  • US Dollar sets a weekly high

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

US Dollar 15-Minute 08:00 10/08 to 08:00 10/09 EST

Graphic_Rewind_US_Dollar_Sets_a_Weekly_High_on_Yen_and_Pound_Weakness_body_Picture_1.png, Graphic Rewind: US Dollar Sets a Weekly High on Yen and Pound Weakness

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The US Dollar rallied to a new weekly high over the past session despite ongoing greenback negative stories, like the nomination of Janet Yellen as the new Fed chief and the potential US default.

The Wall Street Journal leaked after the US close that President Obama would nominate Janet Yellen as the new Fed chief, and the US Dollar declined against major pairs, because Yellen is considered the more dovish option among the possible candidates.

However, those declines were quickly erased in the rest of overnight trading. The BoJ released minutes from its meeting saying that it sees the economy improving and inflation rising. USD/JPY rose 50 pips and above 97.00 during the overnight hours.

UK Industrial Production and Manufacturing Production releases severely disappointed expectations and sent the Pound lower against the US Dollar during the European session. The US Dollar continues to trade near 10,520 at the time of this writing.

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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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