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Graphic Rewind: US Dollar Close to Ending 4 Straight Days of Gains

Graphic Rewind: US Dollar Close to Ending 4 Straight Days of Gains

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar declines against the Aussie on better than expected China GDP
  • Greenback ending 4 straight days of gains on Monday

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

US Dollar 15-Minute 17:00 01/19 to 12:00 01/20 EST

Graphic_Rewind_US_Dollar_Close_to_Ending_4_Straight_Days_of_Gains_body_Picture_1.png, Graphic Rewind: US Dollar Close to Ending 4 Straight Days of Gains

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The Dow Jones FXCM Dollar Index looks ready to end its 4 consecutive days of gains, as the greenback declined on better than expected Chinese economic growth.

The US Dollar opened with a slight gap higher on Sunday evening despite a relatively quiet weekend. However, in overnight trading between Sunday and Monday, the greenback posted losses against the Aussie on a better than expected release of Chinese GDP for the fourth quarter. 2013 Chinese economic growth remained unchanged from 2012 at 7.7%.

The dollar continued to decline through the rest of the Tokyo session as well as the first half of the London session, despite a lack of significant news.

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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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