We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bullish
Oil - US Crude
Bearish
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bullish
GBP/USD
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
USD/JPY
Bullish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Graphic Rewind: US Dollar Falls to a Weekly Low Despite Lack of Local News

Graphic Rewind: US Dollar Falls to a Weekly Low Despite Lack of Local News

2014-01-22 18:46:00
Benjamin Spier, Technical Strategist
Share:

Talking Points:

  • US Dollar falls to a new weekly low despite a lack of releases this week
  • Greenback posts losses against the Aussie on higher inflation

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

US Dollar 15-Minute 12:00 01/21 to 12:00 01/22 EST

Graphic_Rewind_US_Dollar_Falls_to_a_Weekly_Low_Despite_Lack_of_News_body_Picture_1.png, Graphic Rewind: US Dollar Falls to a Weekly Low Despite Lack of Local News

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The Dow Jones FXCM Dollar Index has fallen to a new 5-day low in a week that has so far lacked a single US data release, as the Yen, Aussie, and Pound each took turns rising against the greenback on Wednesday on better than expected local releases.

The dollar decline began in the Tokyo session on the announcement of Australian inflation in Q4 at 0.3 percentage points higher than expected. AUD/USD popped 80 pips following the release and set a new 4-day high.

The dollar losses continued with the release of the Bank of Japan monetary policy decision. Although there was no policy change and the inflation outlook was unchanged, the BoJ also did not look ready to propose any further easing which may have discouraged some Yen bears and led to a decline in USD/JPY.

Finally, GBP/USD rallied to a new 14-day high on the announcement that unemployment fell to 7.1% in the September through November period, despite comments from the Bank of England minutes that the MPC is in no rush to raise interest rates.

New to Forex? Watch this video

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.

DISCLOSURES

News & Analysis at your fingertips.