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Graphic Rewind: US Dollar Continues Higher From a Weekend Gap

Graphic Rewind: US Dollar Continues Higher From a Weekend Gap

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar rises following a weekend gap
  • No clear reason for the stronger greenback

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

US Dollar 15-Minute 17:00 10/27 to 12:00 10/28 EST

Graphic_Rewind_US_Dollar_Continues_Higher_From_a_Weekend_Gap_body_Picture_1.png, Graphic Rewind: US Dollar Continues Higher From a Weekend Gap

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The Dow Jones FXCM Dollar Index opened higher on a small gap following a quiet weekend, showing a US Dollar resilience to stay above the 10,400 level.

There was a small decline overnight between Sunday and Monday, and then another decline during the start of the London session. However, there were no significant headlines for which to attribute the moves in greenback. Those losses were erased over the European session, during a rally that also lacked any obvious changes in the fundamentals of the five currencies that make up the Dollar index.

In the NY session, the US Dollar rally continued after a better than expected rise in US industrial production. However, the move actually seemed to slow at the exact time of the release, again leaving the cause for the move mysterious.

Instead, there are lots of US releases scheduled for this week, which may be causing the greenback to move as part of speculation for those releases, which include an FOMC decision on Wednesday and consumer confidence tomorrow.

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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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