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Graphic Rewind: A Week of Small USD Gains Erased by the Weak Jobs Report

Graphic Rewind: A Week of Small USD Gains Erased by the Weak Jobs Report

2014-01-10 19:47:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar crashes to a 2-week low on weak NFP’s
  • Greenback fails to sustain changes on Draghi and ISM event risk

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

US Dollar 1-Hour 17:00 01/03 to 12:00 01/10 EST

Graphic_Rewind_A_Week_of_Small_USD_Gains_Erased_by_the_Weak_Jobs_Report_body_Picture_1.png, Graphic Rewind: A Week of Small USD Gains Erased by the Weak Jobs Report

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A week of steady gains in the Dow Jones FXCM US Dollar Index was erased in the final day of trading, as the dollar fell to a two week low following weaker than expected change in non-farm payrolls.

The greenback began the week with a decline on a worse than expected release of US ISM index for non-manufacturing. The dollar index saw a daily low at 10,667 after the release. However, the dollar erased Monday’s losses in overnight trading between Monday and Tuesday, an Australian trade balance that included a surprise decline in imports sent the Aussie lower.

Wednesday’s calendar was fairly quiet, although markets were beginning to show signs of tension building ahead of the ECB rate decision and Friday’s NFP’s release. The greenback temporarily popped higher on a better than expected ADP employment change release.

On Thursday, the US Dollar index climbed higher on Euro weakness. ECB President Draghi spoke in a press conference about firmer forward guidance for when the central bank would act to combat low inflation. However, the dollar spike followed an earlier decline, and therefore had no lasting impact.

Finally, Friday’s release of a worse than expected rise in US non-farm payrolls shook US Dollar trading. The greenback fell to a two week low at 10,637 in the hours following the release.

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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 .

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