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Graphic Rewind: USD Rocks and Rolls Through Euro-zone and Australian GDP

Graphic Rewind: USD Rocks and Rolls Through Euro-zone and Australian GDP

2014-03-05 18:50:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar fairly unchanged through Euro-zone and Australian GDP’s
  • Dollar down following disappointing ADP Employment and ISM Non-Manufacturing

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

US Dollar 15-Minute 12:00 03/04 to 12:00 03/05 EST

Graphic_Rewind_USD_Rocks_and_Rolls_Through_Euro-zone_and_Australian_GDP_body_Picture_1.png, Graphic Rewind: USD Rocks and Rolls Through Euro-zone and Australian GDP

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

Although the index remained unchanged through the Australian and Euro-zone GDP, the FXCM Dow Jones US Dollar Index fell below the daily open on disappointing ISM Non-Manufacturing and ADP Employment Change.

The greenback index first took a 10-point dip against the Australian Dollar on a better than expected Australian GDP release for the fourth quarter of last year. However, the US Dollar losses were short lived and the greenback continued to take gains against the Aussie, as China vowed to target 7.5% GDP growth again in 2014.

In the London session, the Euro-zone GDP was confirmed at 0.5% for the fourth quarter, which seemed to bother Euro traders and sent EUR/USD 20 pips lower.

Finally, at the start of the NY session, the US ADP Employment Change for February disappointed expectations, which briefly sent the dollar lower. However, the index rebounded as bad weather was again cited as the scapegoat for the weak numbers. A new daily low was then set below 10,570 on the disappointing release of the US ISM Non-Manufacturing Composite Index for February.

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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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