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Graphic Rewind: January PMIs Leave the Dollar a Loser Against the Euro

Graphic Rewind: January PMIs Leave the Dollar a Loser Against the Euro

2014-01-23 19:05:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • Aussie falls against the Dollar on Chinese PMI
  • Euro rises on better than expected PMI
  • Dollar continues losses on disappointing US data

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

US Dollar 15-Minute 12:00 01/22 to 12:00 01/23 EST

Graphic_Rewind_January_PMIs_Leave_the_Dollar_a_Loser_Against_the_Euro_body_Picture_1.png, Graphic Rewind: January PMIs Leave the Dollar a Loser Against the Euro

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The Dow Jones FXCM Dollar Index has fallen to a new 7-day low, as today’s releases of Purchasing Managers’ Indexes across the globe showed strength in the Euro-zone and waning gains in the Unites States.

The US Dollar rose to the daily high in the Tokyo session on a disappointing release of the HSBC PMI for Chinese manufacturing. AUD/USD declined 40 pips on the news.

However, the dollar changed directions and put the daily highs in the rearview mirror on the announcement of better than expected PMI’s in France, Germany, and the Euro-zone. EUR/USD also rallied about 40 pips over the course of the PMI releases.

Finally, the US Dollar declined further at the beginning of the NY session on a plethora of weaker than expected US data. The standout data release was Markit’s Preliminary PMI, which was announced at 53.7 for January versus 55.0 expected.

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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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