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Graphic Rewind: US Dollar Fails to Hold On at a 2-Month High

Graphic Rewind: US Dollar Fails to Hold On at a 2-Month High

2013-11-26 20:04:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar fails to hold on at a two month high
  • Disappointing consumer confidence knocks back greenback bullishness

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

US Dollar 15-Minute 12:00 11/25 to 12:00 11/26 EST

Graphic_Rewind_US_Dollar_Fails_to_Hold_On_at_a_2-Month_High_body_Picture_1.png, Graphic Rewind: US Dollar Fails to Hold On at a 2-Month High

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The Dow Jones FXCM US Dollar Index set a new 2-month high before erasing all of the daily gains on Tuesday, as a disappointing US Consumer Confidence took a bite out of greenback enthusiasm.

The US Dollar consolidated over the second half of the NY session on Monday, and then the index fell in the start of the Sydney session on comments from RBA’s Lowe. Lowe said that the threshold for intervention in the Australian Dollar exchange rate is fairly high, which sent the Aussie higher against major pairs like the US Dollar.

The greenback continued to decline right before the start of the Tokyo session, on the release of the BoJ minutes. The minutes revealed that 3 members of the policy board disagreed with Kuroda’s wording on policy. However, the connection between the higher Yen and the BoJ minutes is a bit convoluted and not certain.

Finally, after a steady US Dollar rise during the London session, a disappointing US consumer confidence erased most of those gains.

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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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