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Graphic Rewind: USD Sets a 3-Week Low Before ISM Drives Index Above Daily Open

Graphic Rewind: USD Sets a 3-Week Low Before ISM Drives Index Above Daily Open

2014-02-05 18:58:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar falls to a 3-week low on ADP Employment change disappointment
  • Greenback temporarily higher following ISM Non-Manufacturing

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

US Dollar 15-Minute 12:00 02/04 to 12:00 02/05 EST

Graphic_Rewind_USD_Sets_a_3-Week_Low_Before_ISM_Drives_Index_Back_Above_Daily_Open_body_Picture_1.png, Graphic Rewind: USD Sets a 3-Week Low Before ISM Drives Index Above Daily Open

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Despite a decline to a weekly low on weaker jobs data and then a brief jump higher on an improved ISM index, the Dow Jones FXCM Dollar Index is trading near the daily open in Wednesday’ trading.

The dollar traded relatively steady through the Tokyo session and saw a small decline in the first half of the London session despite some Pound losses on a weak PMI release.

Then, the greenback fell at the start of the NY session on a decline in the ADP employment change for January; the dollar index set a new weekly low at 10,658. However, the losses were temporary and the greenback popped as high at 10,690 on an improvement of the ISM for Non-Manufacturing in January.

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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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