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Graphic Rewind: Dollar Rises on a Mix of Weaker Australian and US Employment

Graphic Rewind: Dollar Rises on a Mix of Weaker Australian and US Employment

2014-01-16 19:51:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar rises to a 4-month high on a decline in Australian employment
  • Some greenback gains unwound on disappointing continuing claims

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

US Dollar 15-Minute 12:00 01/15 to 12:00 01/16 EST

Graphic_Rewind_Dollar_Rises_on_a_Mix_of_Weaker_Australian_and_US_Employment_body_Picture_1.png, Graphic Rewind: Dollar Rises on a Mix of Weaker Australian and US Employment

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The Dow Jones FXCM Dollar Index rallied to another four day high on Thursday, as a bout of Australian and US job losses left the US Dollar the winner and the Aussie the loser.

In the Asian hours between Wednesday and Thursday, the Australian employment change for December surprised traders with a decline, and AUD/USD declined by 90 pips and to a new 3-year low.

The US Dollar continued to rise over the European session and to trade near the new 4-month high, which now sits at 10,754. However, a lot of the daily gains were unwound on a rise in US continuing claims, which was announced at the start of the NY session.

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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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