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Graphic Rewind: US Dollar Rises as Debt Ceiling Nears

Graphic Rewind: US Dollar Rises as Debt Ceiling Nears

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar rises despite looming debt ceiling
  • Aussie reacts slowly to neutral RBA minutes against USD

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

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

Graphic_Rewind_US_Dollar_Rises_as_Debt_Ceiling_Nears_body_Picture_1.png, Graphic Rewind: US Dollar Rises as Debt Ceiling Nears

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The Dow Jones FXCM Dollar Index has risen as the US government goes from three days to just two days away from hitting the looming debt ceiling, implying that traders may be confident of a deal to delay the ceiling and a possible US default.

The US Dollar fell lower at the start of the NY session on Monday, possibly an extension of the gap created on disappointment by no US government deal to raise the debt ceiling and end the shutdown. However, those NY losses were erased a few hours later, as reports came out that Senators were making progress on a bi-partisan deal, but still negotiating a few points.

Overnight, the US Dollar slowly set a new 4-day low as Aussie rallied, possibly a slow reaction to the RBA minutes. Then, the US Dollar rallied through the European session, despite a higher than expected UK inflation and better than expected German ZEW outlook.

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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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