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Graphic Rewind: Connection Between Fed Fisher Comments and USD Gains is Unclear

Graphic Rewind: Connection Between Fed Fisher Comments and USD Gains is Unclear

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar pares some of last week’s gains
  • Fed’s Fisher’s comments may be responsible for temporary gains
  • AUD/USD higher on retail sales

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

US Dollar 15-Minute 17:00 11/03 to 12:00 11/04 EST

Graphic_Rewind_US_Dollar_Pares_Some_of_Last_Weeks_Gains_body_fedfisher.jpg, Graphic Rewind: Connection Between Fed Fisher Comments and USD Gains is Unclear

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The Dow Jones FXCM Dollar Index erased a bit of the major gains seen in last week’s trading, but the greenback refused to go down without a fight.

The US Dollar decline started at the start of the Tokyo session with a better than expected Australian retail sales release, which sent the Aussie higher against majors like the dollar.

Soon after, the US Dollar saw a major spike against all major currencies, battering the Euro the worst. There was no clear catalyst for the greenback spike, and arguments seemed to be split between sighting natural market positioning and sighting a speech by Fed’s Fisher. Fisher said that because of the government shutdown’s negative effect on the economy, the Fed should refrain from continuing quantitative easing. The statement is not that surprising for the usual hawk, which could mean that it wasn’t Fisher’s comments that sent the US Dollar higher, or that could be the reason the gains were scaled back so quickly.

New to Forex? Watch this video

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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