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Graphic Rewind: Dollar Fails to Hold Gains Against the Pound After UK GDP

Graphic Rewind: Dollar Fails to Hold Gains Against the Pound After UK GDP

2014-01-28 19:47:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar rallies against the Pound on a disappointing GDP
  • Greenback touches a two week low on a decline in durable goods orders

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

US Dollar 15-Minute 12:00 01/27 to 12:00 01/28 EST

Graphic_Rewind_Dollar_Fails_to_Hold_Gains_Against_the_Pound_Following_Disappointing_UK_GDP__body_Picture_1.png, Graphic Rewind: Dollar Fails to Hold Gains Against the Pound After UK GDP

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The Dow Jones FXCM Dollar Index was trading nearly unchanged from the daily open at mid-day on Tuesday, despite setting a new 2-week low following the release of disappointing US Durable Goods Orders for December.

The dollar rallied 70 pips against the Pound on the announcement of an as-expected UK GDP release for the fourth quarter. Apparently traders may have expected an even better performance than the projected 0.7% quarterly economic growth, and the Pound showed weakness in the hour following the release.

However, cable losses proved to be temporary, and the dollar index fell back towards 10,670 ahead of the start of the NY session. Then, a surprise decline in US durable goods orders sent the greenback to a new 2-week low. Those losses were also unwound, as traders may have instead reverted back to trading in anticipation the upcoming FOMC meeting. A better than expected consumer confidence release for January helped the dollar pare the goods orders losses.

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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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