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US Dollar Higher on Republican Approval of a Clean Debt Ceilling Bill

US Dollar Higher on Republican Approval of a Clean Debt Ceilling Bill

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar rises on news of a clean debt ceiling bill
  • FOMC minutes lend to a temporary rally

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

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

Graphic_Rewind_US_Dollar_Higher_on_Republican_Approval_of_a_Clean_Debt_Ceilling_Bill__body_Picture_1.png, US Dollar Higher on Republican Approval of a Clean Debt Ceilling Bill

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The Dow Jones FXCM Dollar Index continued to rise over the past 24 hours on surfacing news that the government was coming closer to making a deal to push off the pending debt ceiling.

In yesterday’s NY session, the US Dollar rallied temporarily as the FOMC minutes from the September meeting announced that the decision to not start taper was a close call. However, as the market gave the minutes closer analysis, it decided that they didn’t add anything new to the taper conversation and the greenback retraced all of the earlier gains in the major pairs making up the index.

Overnight, the US Dollar rallied to a new weekly high. It’s possible that the move higher was a reaction to rumors of a later-confirmed story that the House republicans were getting ready to support a bill to push off the debt ceiling. However, most of those gains were unwound through the rest of the Tokyo and London sessions, despite the confirmation of the rumor as NY traders came online.

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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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