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Graphic Rewind: USD Falls to a Four-Week Low Despite Pro-Taper Yellen Comments

Graphic Rewind: USD Falls to a Four-Week Low Despite Pro-Taper Yellen Comments

Benjamin Spier, Technical Strategist

Talking Points:

  • AUD/USD rises 50 pips on mix of Australian data
  • Yellen supports QE taper in first official appearance
  • US Dollar Index falls to a 4-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 02/10 to 12:00 02/11 EST

Graphic_Rewind_USD_Falls_to_a_Four-Week_Low_Despite_Pro-Taper_Yellen_Comments_body_Picture_1.png, Graphic Rewind: USD Falls to a Four-Week Low Despite Pro-Taper Yellen Comments

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The Dow Jones FXCM US Dollar Index has declined to a new 4-week low in Tuesday’s trading, but the greenback weakness was mostly unrelated to the highly anticipated comments made by Fed Chair Yellen.

The dollar weakness started in the Tokyo session on the release of a number of Australian economic data points. The Australian House Price Index rose more than expected in Q4 and the NAB Business Conditions was higher in January, possibly causing a 50 pip rally in AUD/USD.

The comments that the new Fed Chair, Janet Yellen, prepared for her session with the House were released at the start of the NY session. In her first official statement as chief, Yellen showed support for current Fed policy and a continued taper of QE, which may have surprised some US Dollar traders who had expected a more dovish tone. The greenback index popped 20 points on the release of the comments.

The US Dollar slowly erased the gains seen after the release of the comments and the greenback losses continued slightly as Yellen answered questions from congressman.

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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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