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Graphic Rewind: US Dollar Finds Impressive Daily Gains Ahead of FOMC

Graphic Rewind: US Dollar Finds Impressive Daily Gains Ahead of FOMC

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar sees the biggest daily gains in over a month
  • Greenback traders possibly positioning for FOMC taper talk

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

US Dollar 15-Minute 12:00 10/28 to 12:00 10/29 EST

Graphic_Rewind_US_Dollar_Finds_Impressive_Daily_Gains_Ahead_of_FOMC__body_Picture_1.png, Graphic Rewind: US Dollar Finds Impressive Daily Gains Ahead of FOMC

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With only one day left until the October FOMC rate decision, the Dow Jones FXCM Dollar Index has gained the most on a daily basis in over a month. There was no particular story to account for majority of the move, and traders may just be preparing for the possibility of the Fed hinting at a taper sooner than the median expectation of March 2014.

The US Dollar move higher started shortly after the NY close on Monday, when RBA Governor Stevens said that the Aussie will move materially lower in the future. The comments caused the Australian Dollar to decline against majors like the US Dollar.

The greenback then moved further higher during the European session, despite a lack of market moving news. In the NY session, the US Dollar fell against the Euro temporarily on comments from ECB’s Nowotny, before setting new daily highs.

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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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