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Graphic Rewind: USD Sets Another Two-Month High on Improved Employment Data

Graphic Rewind: USD Sets Another Two-Month High on Improved Employment Data

Benjamin Spier, Technical Strategist

Talking Points:

  • USD sets another 2-month high on improved employment
  • Aussie falls against the Dollar on a disappointing GDP

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

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

Graphic_Rewind_USD_Sets_Another_Two-Month_High_on_Improved_Employment_Data_body_Picture_1.png, Graphic Rewind: USD Sets Another Two-Month High on Improved Employment Data

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The Dow Jones FXCM Dollar Index sets another new 2-month high on a combination of weaker Australian data and stronger US data released in Wednesday’s trading.

The US Dollar was relatively unchanged over the second half of the NY session on Tuesday, but the greenback then shot higher at the beginning of the Tokyo session on disappointing Australian GDP for Q3. The economy expanded by 2.3% from Q3 2012, disappointing expectations for 2.6% growth. The Aussie declined against majors like the US Dollar.

The US Dollar then began a rally at the beginning of the NY session, starting with the release of better than expected employment change. The greenback rally ended with a new two-month high at 10,669.

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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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