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Graphic Rewind: Improved Economic Data Helps USD Reverse Losses to Sterling

Graphic Rewind: Improved Economic Data Helps USD Reverse Losses to Sterling

2013-11-27 19:36:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • Euro higher against the dollar on a German coalition deal
  • As-expected UK GDP feeds into Pound strength
  • US Dollar higher on better than expected data

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

US Dollar 15-Minute 12:00 11/26 to 12:00 11/27 EST

Graphic_Rewind_Improved_Economic_Data_Helps_US_Dollar_Reverse_Cable_Losses_body_Picture_1.png, Graphic Rewind: Improved Economic Data Helps USD Reverse Losses to Sterling

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The Dow Jones FXCM US Dollar Index saw a bump higher in today’s trading as improved US economic data reversed losses relinquished earlier to bullish Pound traders.

The US Dollar saw its first decline in the Tokyo session, ending with the announcement that an agreement had been reached for a German coalition. The Euro climbed against majors like the US Dollar on the coalition announcement.

The US Dollar saw a gradual bounce through the rest of the Tokyo session, but that bounce was erased on the release of UK GDP for Q3 in line with expectations. Despite an initial Pound decline, cable soon found buyers on a closer look at improved private consumption in the third quarter.

The turn higher in US Dollar trading came following the release of US jobless claims. Both initial jobless claims for November 23 and continuing claims for last week were better than expected. The greenback rally continued into the better than expected releases of the University of Michigan Confidence and Chicago Purchasing Manager.

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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 .

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