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Graphic Rewind: Euro Edges out US Dollar on Manufacturing Activity Releases

Graphic Rewind: Euro Edges out US Dollar on Manufacturing Activity Releases

Benjamin Spier, Technical Strategist

Talking Points:

  • Euro-zone PMI beats expectations and sends Euro higher
  • Greenback lower on a disappointing ISM Manufacturing release

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

US Dollar 15-Minute 17:00 02/02 to 12:00 02/03 EST

Graphic_Rewind_Euro_Edges_out_US_Dollar_on_Manufacturing_Activity_Releases__body_Picture_1.png, Graphic Rewind: Euro Edges out US Dollar on Manufacturing Activity Releases

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The Dow Jones FXCM Dollar Index fell to a 2-day low on a mix of manufacturing releases that showed the biggest slowdown in expansion in the United States in January.

The dollar index began a decline near the start of the London session on better than expected releases of the manufacturing PMI’s in France, Germany and the Euro-zone. Then, a slightly worse than expected UK manufacturing PMI didn’t have a noticeable effect on the greenback index, despite some Sterling losses.

Finally, the US Dollar fell back below 10,700 on the release of the lowest US ISM for Manufacturing in 8 months, as USD/JPY declined 45 pips to a 2-month low on the release.

Although the start for the week was quiet, the ECB and BoE policy decisions on Thursday, followed by the US NFP release on Friday could increase volatility closer to the end of the week.

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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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