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Graphic Rewind: Aussie RBA Gains Send US Dollar Index to a 3-Day Low

Graphic Rewind: Aussie RBA Gains Send US Dollar Index to a 3-Day Low

2014-02-04 19:10:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar declines 100 pips against the Aussie on a less-dovish RBA
  • Greenback also falls against the Pound on UK PMI for construction

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

US Dollar 15-Minute 12:00 02/03 to 12:00 02/04 EST

Graphic_Rewind_Aussie_RBA_Gains_Send_US_Dollar_Index_to_a_3-Day_Low__body_Picture_1.png, Graphic Rewind: Aussie RBA Gains Send US Dollar Index to a 3-Day Low

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The Dow Jones FXCM Dollar Index has fallen to a 3-day low on Aussie gains following the February RBA meeting.

The dollar decline began in the Tokyo session on the announcement of no change in the RBA’s target interest rate and on the less-dovish guidance released with the policy decision. AUD/USD advanced about 100 pips in the hour following the release.

The greenback index continued to trade near 10,680 in the London session, and the index saw a brief dip towards 10,670 on the announcement of a better than expected UK construction PMI. The release followed yesterday’s selloff in Sterling and comes ahead of the BoE meeting later this 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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