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US Dollar Tests a 3-Month High Despite Lower than Expected Inflation

US Dollar Tests a 3-Month High Despite Lower than Expected Inflation

2013-12-17 19:07:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar index touches a 3-month high on the day before the FOMC decision
  • GBP/USD falls on lower than expected inflation
  • US Dollar rally pauses on disappointing inflation

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

US Dollar 15-Minute 12:00 12/16 to 12:00 12/17 EST

Graphic_Rewind_US_Dollar_Retests_a_3-Month_High_Despite_Lower_Inflation_body_Picture_1.png, US Dollar Tests a 3-Month High Despite Lower than Expected Inflation

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The Dow Jones FXCM Dollar Index just touched a 3-month high today before unwinding the gains and falling close to the daily open. The movement seemed to be less driven by changes in the US Dollar and more related to the FOMC rate decision set for tomorrow.

The greenback index declined slightly in a quiet overnight session. Then, the US Dollar rallied over the European session, starting with a decline against the Pound on lower than expected inflation for November. The rally only saw a small pause at the beginning of the NY session, on slightly lower than expected US inflation for the same period.

The US Dollar touched a new 3-month high set last week at 10,687, before erasing almost all of the day’s gains. There was no clear driver for the rest of the move higher or the quick unwinding.

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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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