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Graphic Rewind: US Dollar Rally Continues into a Second Day After FOMC Minutes

Graphic Rewind: US Dollar Rally Continues into a Second Day After FOMC Minutes

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar continues to see a second day of gains after FOMC minutes
  • ECB Draghi tries to talk down dovish headlines from Wednesday

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

Graphic_Rewind_US_Dollar_Rally_Continues_into_a_Second_Day_After_FOMC_Minutes_body_Picture_1.png, Graphic Rewind: US Dollar Rally Continues into a Second Day After FOMC Minutes

US Dollar 15-Minute 12:00 11/20 to 12:00 11/21 EST

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The effects of yesterday’s comments from Fed’s Bullard and the FOMC minutes seemed to push the Dow Jones FXCM US Dollar Index higher for a second day on Thursday.

In the second half of yesterday’s NY session, FOMC minutes were released to a moderate US Dollar reaction. The minutes said that the Fed will likely taper quantitative easing in the coming months on better data. The hawkish headline may have been the reason for the steady US Dollar gains in the Asian session.

Then, in the London session, ECB’s Draghi tried to reverse some of the dovish expectations created by yesterday’s comments from the ECB. He said that low rates create a risk to financial stability. The comments sent the Euro higher against major currencies like the US Dollar.

Finally, in the start of the NY session, the US Dollar popped higher on a better than expected jobless claims release.

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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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