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Graphic Rewind: US Dollar Sets a 2-Month Low on Pound and Aussie Gains

Graphic Rewind: US Dollar Sets a 2-Month Low on Pound and Aussie Gains

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar falls against the Aussie on improved Chinese trade data
  • Cable rallies on improved BoE economic forecasts
  • Euro dives against USD on Coeure’s comments on negative deposit rate

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

US Dollar 15-Minute 12:00 02/11 to 12:00 02/12 EST

Graphic_Rewind_US_Dollar_Sets_a_2-Month_Low_on_Pound_and_Aussie_Gains__body_Picture_1.png, Graphic Rewind: US Dollar Sets a 2-Month Low on Pound and Aussie Gains

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

The Dow Jones FXCM US Dollar Index fell to a new 2-month low on Wednesday, as China reported improved trading data in January and the Bank of England released improved forecasts for 2014 growth.

The US Dollar had just finished erasing the US Dollar losses seen yesterday around the time of the Yellen testimony, when the greenback posted a 40 pip loss to the Australian Dollar at the start of the Tokyo session on the release of improved Chinese trade balance, exports, and imports in January.

The dollar index rebounded a bit before it posted further losses on the release of the BoE Inflation Report. The report raised expectations for economic performance in the coming quarters, and Governor Carney refrained from giving any concrete changes to the BoE’s forward guidance in his press conference. GBP/USD rallied 90 pips following the comments.

However, the index soon erased its losses on Euro weakness following comments from ECB’s Coeure. Coeure said that the ECB is seriously considering negative deposit rates, which sent the Euro fifty pips lower against the US Dollar.

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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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