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Graphic Rewind: USD Fails to Hold On at 2-Week Highs Ahead of Yellen

Graphic Rewind: USD Fails to Hold On at 2-Week Highs Ahead of Yellen

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar Index falls back from a 2-week high
  • Fed’s Yellen maintains support for QE taper despite weather

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

US Dollar 15-Minute 12:00 02/26 to 12:00 02/27 EST

Graphic_Rewind_US_Dollar_Fails_to_Hold_On_at_2-Week_Highs_Ahead_of_Yellen_Testimony_body_Picture_1.png, Graphic Rewind: USD Fails to Hold On at 2-Week Highs Ahead of Yellen

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

The Dow Jones FXCM US Dollar Index has fallen back below 10,600 after briefly setting a new 2-week high earlier in Thursday’s session. The decline below the daily open at 10,589 happened during Fed Chair Yellen’s testimony before the Senate, although the connection was unclear.

The dollar climbed 30 pips higher against the Australian Dollar in the beginning of the Tokyo session, when Australian private capital expenditures disappointed expectations for Q4 with a 5.2% decline. The greenback gains sped up again at the end of the Tokyo session and set a 2-week high at 10,615.

While the dollar index posted a steady unwinding of the session’s gains through the London session, Fed Chair Yellen’s testimony to the Senate was accompanied by an additional 10 point US Dollar decline below the daily open. Yellen did not seriously deviate from her recent comments to the House of Representatives, and she strongly supported the outlook for continued taper of QE, despite pointing out some weather related economic weakness. Therefore, it was unclear exactly why greenback traders decided to sell during the Fed Chief’s testimony.

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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.