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Graphic Rewind: US Dollar Rallies to a 3-Month High Despite Quiet Week

Graphic Rewind: US Dollar Rallies to a 3-Month High Despite Quiet Week

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar rockets higher on RBA led Aussie weakness
  • USD sets a new 3-month high ahead of next week’s FOMC meeting

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

US Dollar 1-Hour 17:00 12/08 to 12:00 12/13 EST

Graphic_Rewind_US_Dollar_Sets_a_3-Month_High_Ahead_of_the_Fed_Taper_Decision_body_Picture_1.png, Graphic Rewind: US Dollar Rallies to a 3-Month High Despite Quiet Week

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Nothing makes writing the weekly graphic rewind harder than a volatile week with few significant events to explain the price action. The combination of lower volume before the year’s end holidays and the building anticipation for the December FOMC meeting has led to some violent whips in US Dollar trading, as the remaining traders shift their positions to prepare for the taper decision.

All of the volatility led to the Dow Jones FXCM Dollar Index touching a new 3-month high on Friday. Trading through Monday, Tuesday, and Wednesday was fairly quiet, as none of the economic releases were able to significantly push the US Dollar.

However, the US Dollar saw a big rally on Thursday on the back of Aussie weakness. RBA Governor Stevens said he prefers the Australian Dollar valued at 85 US cents over 95 cents. The comments, which were published as part of an interview, immediately sent the Aussie 100 pips lower against the US Dollar and below 0.9000.

On Friday, the US Dollar set a new 3-month high, despite a lack of significant news.

New to Forex? Watch this video

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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