News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Mixed
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • France's Le Drian says Fisheries will not be the adjustment variable in the talks, adds that Britain must come out of tactical postures and respect its commitments $GBP
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -0.02% France 40: -0.09% Wall Street: -0.16% Germany 30: -0.17% FTSE 100: -0.45% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/hDjO8tMcHl
  • EU sources says talks are not going well - BBC
  • The Dow Jones has topped the infamous 30,000 line, an area that has been talked about for several months. It only took a bit of excess liquidity, political breakthrough & hopeful vaccine news to get it there. Get your market update from @HathornSabin here:https://t.co/ySb8vuBCYx https://t.co/1k8N1r76uE
  • 🇺🇸 Corporate Profits QoQ Prel (Q3) Actual: 27.5% Previous: -10.7% https://www.dailyfx.com/economic-calendar#2020-11-25
  • 🇺🇸 GDP Price Index QoQ 2nd Est (Q3) Actual: 3.3% Expected: 3.7% Previous: -1.4% https://www.dailyfx.com/economic-calendar#2020-11-25
  • 🇺🇸 PCE Prices QoQ 2 Est (Q3) Actual: 3.7% Previous: -1.6% https://www.dailyfx.com/economic-calendar#2020-11-25
  • 🇺🇸 Core PCE Prices QoQ 2 Est (Q3) Actual: 3.5% Expected: 3.5% Previous: -0.8% https://www.dailyfx.com/economic-calendar#2020-11-25
  • 🇺🇸 GDP Growth Rate QoQ 2nd Est (Q3) Actual: 33.1% Expected: 33.2% Previous: -31.4% https://www.dailyfx.com/economic-calendar#2020-11-25
  • 🇺🇸 Durable Goods Orders MoM (OCT) Actual: 1.3% Expected: 0.9% Previous: 2.1% https://www.dailyfx.com/economic-calendar#2020-11-25
Graphic Rewind: Debt Deal Progress Justifies a US Dollar 2-Week High

Graphic Rewind: Debt Deal Progress Justifies a US Dollar 2-Week High

2013-10-11 20:26:00
Benjamin Spier, Technical Strategist
Share:

Talking Points:

  • US Dollar hits a two week high on news of debt ceiling progress
  • US Dollar also climbed higher on Pound weakness

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

US Dollar 1-Hour 17:00 10/06 to 08:00 10/11 EST

Graphic_Rewind_Debt_Deal_Progress_Justifies_a_US_Dollar_2-Week_High_body_Picture_1.png, Graphic Rewind: Debt Deal Progress Justifies a US Dollar 2-Week High

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The Dow Jones DXCM Dollar Index set a 2-week high this week on a mix of data from around the globe, although the last leg of the rally was sealed by progress in talks to delay the upcoming debt ceiling.

The week opened lower as there was no progress in talks between the democrats and republicans over the past weekend, and the US Dollar and S&P both showed gaps on worries of hitting the debt ceiling and triggering a US default.

On Monday and Tuesday, there was a drift lower in US Dollar trading, broken up temporarily by rumors of six month debt deal and then a rumor of an ECB-styled BoE LTRO. But neither of the rumors was true and the greenback erased those gains.

The US Dollar sealed the last bit of the downtrend between Tuesday and Wednesday, on the report that Yellen was chosen as the next Fed Chief, before starting the big up move in the second half of the week. On Tuesday morning, the US Dollar finished an overnight rally on Pound weakness, following a disappointing industrial output release.

Between Wednesday and Thursday, the US Dollar rallied again, likely as the later-confirmed rumor about a republican proposed 6-week debt deal began making its way onto traders’ screens. The green back index has since stuck near that 10,525 level.

New to Forex? Watch this video

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.

DISCLOSURES