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Graphic Rewind: US Dollar Traders Wait Patiently for FOMC Announcement

Graphic Rewind: US Dollar Traders Wait Patiently for FOMC Announcement

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar relatively unchanged ahead of FOMC
  • Greenback falls temporarily lower on ADP employment change

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

US Dollar 15-Minute 12:00 10/29 to 12:00 10/30 EST

Graphic_Rewind_US_Dollar_Traders_Wait_Patiently_for_FOMC_Announcement_body_Picture_1.png, Graphic Rewind: US Dollar Traders Wait Patiently for FOMC Announcement

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The major re-positioning in the Dow Jones FXCM US Dollar Index seemed to finish yesterday, when traders might have been adding to US Dollar long positions in preparation for the possibility of a surprise from the comments surrounding today’s FOMC rate decision.

Besides for an initial US Dollar rise in the Tokyo session, and then an initial decline in the London session, the US Dollar hasn’t moved much in today’s trading. At the beginning of the NY session, US ADP Employment Change for October disappointed expectations at 130K. The US Dollar saw a temporary decline to 10,450, before immediately erasing those losses.

US Dollar traders should be weary of possible volatility following today’s FOMC event.

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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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