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Graphic Rewind: US Dollar Touches a 2-Week High After Employment Report

Graphic Rewind: US Dollar Touches a 2-Week High After Employment Report

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar touches an existing 2-week high after ADP
  • Euro-zone record high unemployment doesn’t faze Euro traders

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

US Dollar 15-Minute 12:00 01/07 to 12:00 01/08 EST

Graphic_Rewind_US_Dollar_Touches_a_2-Week_High_After_Employment_Report__body_Picture_1.png, Graphic Rewind: US Dollar Touches a 2-Week High After Employment Report

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The Dow Jones FXCM Dollar index touched an existing 2-week high in Wednesday’s trading on a better than expected US ADP employment release.

The US Dollar rebounded from a daily low at the end of yesterday’s session and then traded in a 15 point range over a quiet overnight Asian session. The consolidated trading continued through the first half of the London session, unflapped by the Euro-zone unemployment rate for November reported unchanged from an all-time high, as expected.

The greenback then flew higher at the start of the NY session on a significantly better than expected ADP employment change release, which many traders may use as an indicator of this Friday’s release of the Non-Farm Payrolls change for December.

However, those gains were quickly erased through the rest of the NY session. US Dollar traders may have repositioned in expectations for the FOMC minutes and Friday’s NFP’s.

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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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