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Graphic Rewind: European Economic Releases Spell US Dollar Weakness

Graphic Rewind: European Economic Releases Spell US Dollar Weakness

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar declines against European majors on data
  • PBOC transparency may also have sent USD lower
  • ECB rumor’s connection to EUR strength is debatable

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

US Dollar 15-Minute 12:00 11/05 to 12:00 11/06 EST

Graphic_Rewind_European_Releases_Spell_US_Dollar_Weakness_body_Picture_1.png, Graphic Rewind: European Economic Releases Spell US Dollar Weakness

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The Dow Jones FXCM Dollar Index continued to decline for a third day, as improved European data and PBOC transparency sent the greenback lower against risk correlated currencies.

During the Tokyo session, the PBOC announced on its website that it would regularly publish data about its Short-term Lending Facility, which had previously only been revealed once quarterly. The increased transparency of Chinese liquidity should help boost global investors’ confidence, after cash squeeze in June scared investors. Therefore, the Chinese liquidity story may have been responsible for a US Dollar decline against risk-correlated currencies.

Then, the US Dollar decline continued into London, as better than expected releases from the Euro-zone and the UK sent each respective currency higher against the US Dollar. The final leg of the US Dollar decline was seen during a Euro spike in the NY session. Speculation pointed to an anonymous ECB rumor that the central bank will likely not cut the interest rate tomorrow, but is unclear if that was the real reason for the Euro spike higher.

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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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