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Graphic Rewind: US Dollar Falls to a 3-Week Low on Aussie and Euro Strength

Graphic Rewind: US Dollar Falls to a 3-Week Low on Aussie and Euro Strength

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar declines against the Aussie on an unexpected trade surplus
  • A patient Draghi sends EUR/USD 100 pips higher
  • US Dollar Index falls to a 3-week low

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

US Dollar 15-Minute 12:00 02/05 to 12:00 02/06 EST

Graphic_Rewind_US_Dollar_Falls_to_a_3-Week_Low_on_Aussie_and_Euro_Strength_body_Picture_1.png, Graphic Rewind: US Dollar Falls to a 3-Week Low on Aussie and Euro Strength

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The US Dollar Index has fallen to a 3-week low on Thursday, as the Euro rallied against the greenback on patient comments from ECB President Draghi.

The US Dollar first took a tumble at the beginning of the Tokyo session on a surprise Australian trade surplus. The Australian trade balance was reported at 468 million Australian Dollars in December, which sent the Aussie 50 pips higher against the US Dollar.

In the London session, the announcements of unchanged ECB and BoE rates and monetary policy had little effect on the dollar index. However, ECB Draghi’s press conference saw EUR/USD rise over 100 pips, as the central bank president said the ECB wants to wait another month before taking action, sounding more patient than many traders may have expected.

New to Forex? Watch this video

Charts created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.