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Graphic Rewind: US Dollar Dives to a Seven Month Low After NFPs

Graphic Rewind: US Dollar Dives to a Seven Month Low After NFPs

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar drops to a seven month low on disappointing NFP’s
  • Risk currencies rally on prospect of a taper delay

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

US Dollar 15-Minute 12:00 10/21 to 12:00 10/22 EST

Graphic_Rewind_US_Dollar_Dives_to_an_Eight_Month_Low_After_NFPs_body_Picture_1.png, Graphic Rewind: US Dollar Dives to a Seven Month Low After NFPs

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The Dow Jones FXCM Dollar index was extremely quiet between the close of the NY session yesterday and the NY open today. There were no majorly significant releases and no market moving speakers over the Asian and European sessions.

However, the market woke up quickly for the disappointing US Non-farm payrolls and unemployment release. The US Dollar declined to a seven month low on the disappointing rise in payrolls, especially against risk correlated currencies, which the disappointing unemployment number supported because the Fed may need to postpone the taper until employment further improves.

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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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