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Graphic Rewind: USD Shows Conviction to the Downside After an ISM Decline

Graphic Rewind: USD Shows Conviction to the Downside After an ISM Decline

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar falls on a surprise ISM decline for December
  • The greenback found a range in London and overnight trading despite the PMI releases

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

US Dollar 15-Minute 17:00 01/05 to 12:00 01/06 EST

Graphic_Rewind_USD_Shows_Conviction_to_the_Downside_Following_a_Surprise_ISM_Decline_body_Picture_1.png, Graphic Rewind: USD Shows Conviction to the Downside After an ISM Decline

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The Dow Jones FXCM US Dollar Index is trading slightly lower at the start of the new week, following a disappointing US ISM for services release.

The greenback climbed higher during overnight trading between Sunday and Monday, and the rise was partially due to a decline in Aussie on the disappointing HSBC Chinese PMI for services.

The US Dollar continued to trade in a tight range over the London session, only rising slightly against the Pound on the release of a

worse than expected UK PMI for services.

Finally, the dollar showed some conviction in the NY session. The greenback declined against other Forex majors on the release of a surprise decline in the ISM index for non-manufacturing for December. An improvement in the employment gauge couldn’t stop the greenback losses, which were particularly bad against the Euro and Yen.

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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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