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Graphic Rewind: US Dollar Gaps Lower Following a No-Deal Weekend

Graphic Rewind: US Dollar Gaps Lower Following a No-Deal Weekend

2013-10-14 18:00:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar rises on Friday on additional debt-deal headlines
  • Greenback sets a weekend gap on lack of follow through

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

US Dollar 15-Minute 08:00 10/11 to 08:00 10/14 EST

Graphic_Rewind_US_Dollar_Gaps_Following_a_No-Deal_Weekend_body_Picture_1.png, Graphic Rewind: US Dollar Gaps Lower Following a No-Deal Weekend

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Since the first announcement from republican lawmakers late last week that they were considering a clean debt deal, the Dow Jones FXCM Dollar Index has traded primarily on news of progress to possibly delay the pending debt ceiling and end the government shutdown, thereby ignoring other US related headlines.

The US Dollar erased earlier losses during the first half of the NY session on Friday, despite a disappointing release of the University of Michigan consumer confidence index. The greenback rally continued along with a rise in equities, as House republicans were reported to have offered a plan for both delaying the debt limit and ending the government shutdown.

However, the US Dollar opened the new week slightly lower on a gap, after lawmakers had failed to come to a final agreement over the weekend.

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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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