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Graphic Rewind: US Dollar Falls to a 2-Month Low on ECB Optimisim

Graphic Rewind: US Dollar Falls to a 2-Month Low on ECB Optimisim

2014-03-06 20:02:00
Benjamin Spier, Technical Strategist
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Talking Points:

  • US Dollar falls to a 2-month low on ECB Draghi’s optimism
  • Greenback declines against the Aussie on improved retail sales

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

US Dollar 15-Minute 12:00 03/05 to 12:00 03/06 EST

Graphic_Rewind_US_Dollar_Falls_to_a_2-Month_Low_on_ECB_Optimisim_body_Picture_1.png, Graphic Rewind: US Dollar Falls to a 2-Month Low on ECB Optimisim

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

The Dow Jones FXCM US Dollar Index fell to a 2-month low on Wednesday, as ECB President Draghi’s optimistic comments on the Euro-zone recovery sent EUR/USD on a 100 pip rally.

The greenback first fell through the daily open on Tuesday evening on a better than expected rise in Australian retail sales in January. The Australian Trade Surplus was also higher than expected, and AUD/USD rallied 40 pips following the releases.

The US Dollar continued to slowly unwind those losses through the rest of the Tokyo session, and trading was steady in the London session through the decisions to hold target interest rates unchanged at both the Bank of England and the European Central Bank.

However, the complacency quickly ended as ECB President Draghi walked up to the microphone. Draghi announced a higher GDP forecast for the Euro-zone in 2014 and said that risks to the inflation outlook are limited. The central banker’s optimism led the Euro higher in Forex markets, erasing an initial gain in the USD index on better than expected US Initial Jobless Claims.

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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 .

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