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Graphic Rewind: Dollar Slowly Moves Higher as Fed Announcement Sinks In

Graphic Rewind: Dollar Slowly Moves Higher as Fed Announcement Sinks In

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar slowly rallies following the taper announcement
  • Greenback index whips around a bit on the US GDP release

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

US Dollar 15-Minute 12:00 01/29 to 12:00 01/30 EST

Graphic_Rewind_Dollar_Slowly_Moves_Higher_as_Fed_Announcement_Sinks_In_body_Picture_1.png, Graphic Rewind: Dollar Slowly Moves Higher as Fed Announcement Sinks In

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The Dow Jones FXCM Dollar Index slowly rose to a new weekly high in the 24 hour period following the unsurprising 10 billion dollar taper to the Fed’s QE3 program.

The initial greenback rally on the Fed taper news was only about 20 points, as most economists expected the 10 billion cut to the asset purchases. However, the dollar continued to rise through fairly quiet Tokyo and London session.

The dollar saw a bit of volatility in both directions on the announcement of as-expected GDP changes for the fourth quarter and worse than expected initial jobless claims. The US Dollar soon continued higher through the rest of the period marking the crossover between the London and NY sessions.

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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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