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Graphic Rewind: US Dollar Rallies Higher Following the New Year Break

Graphic Rewind: US Dollar Rallies Higher Following the New Year Break

2014-01-02 19:41:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar rallies at the end of a New Year break
  • Better than expected ISM Manufacturing fails to stop greenback weakness

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

US Dollar 15-Minute 2:00 01/02 to 12:00 01/02 EST

Graphic_Rewind_US_Dollar_Rallies_Higher_Following_the_New_Year_Break_body_Picture_1.png, Graphic Rewind: US Dollar Rallies Higher Following the New Year Break

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The Dow Jones FXCM US Dollar index rallied to a new 8-day high before erasing about half of the day’s gains, ignoring a series of medium impact releases along the way.

Over the New Year break, we received two significant updates from Asia. Both of the Chinese manufacturing activity indexes were announced to have declined in December. Furthermore, BoJ Governor Kuroda told a local newspaper that the current stimulus will only stop when inflation reaches 2% and not at the end of two years. Neither of the events seemed to significantly deviate from expectations, and the dollar index opened at the closing price from New Year’s Eve.

There was no significant Forex reaction to the release of the Euro-zone and UK PMI’s for manufacturing. But soon after, the US Dollar rallied significantly for the duration of the London session.

A lot of gains during the London session were erased during NY trading. A better than expected release of the US ISM for manufacturing only briefly delayed a further move lower.

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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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