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Graphic Rewind: US Dollar Rises To A 9 Day High in a Quiet London Session

Graphic Rewind: US Dollar Rises To A 9 Day High in a Quiet London Session

2014-02-26 18:57:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar Index rises to a 9 day high
  • UK GDP fails to significantly move the greenback index
  • New home sales beat keeps dollar gains going

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

US Dollar 15-Minute 12:00 02/25 to 12:00 02/26 EST

Graphic_Rewind_US_Dollar_Rises_To_A_9_Day_High_in_a_Quiet_London_Session_body_Picture_1.png, Graphic Rewind: US Dollar Rises To A 9 Day High in a Quiet London Session

Add the Trading Session Hours Indicator to your own Forex charts atFXCM Apps.

The Dow Jones FXCM US Dollar Index rose to a new 9-day high on a quiet Tuesday. Dollar trading was fairly unchanged in the overnight session, as there were no major news release to move Forex markets.

The release of UK GDP at the start of the London session met expectations for quarterly growth in Q4, and the Pound therefore did not show any lasting reaction to the release. However, the US Dollar soon after started a 40 point rally higher through the rest of the London session.

There was no major release to account for the rally higher, but the final 10-points followed the announcement of a surprise rise in new home sales in January, contradicting earlier declines in other housing indicators 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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