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Graphic Rewind: Euro Strength Erases Data Driven Dollar Gains

Graphic Rewind: Euro Strength Erases Data Driven Dollar Gains

Benjamin Spier, Technical Strategist

Talking Points:

  • US Dollar index erases gains, as Euro rises on Draghi presser
  • The greenback remains in a 74 point range for two weeks

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

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

Graphic_Rewind_Euro_Strength_Erases_Data_Driven_Dollar_Gains__body_Picture_1.png, Graphic Rewind: Euro Strength Erases Data Driven Dollar Gains

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The Dow Jones FXCM Dollar Index will complete two weeks of trading within the 74 point range at the end of today, despite a flurry of greenback related trading over the past 24-hours.

The US Dollar fell about thirty points over the Tokyo session, but then erased those losses during the first part of the London session, despite a lack of significant news. The combination of the upcoming ECB rate decision and the US payrolls release on Friday may be moving prices, as traders prepare for big moves.

The releases of the unchanged ECB and BoE rate decisions had no major effect on trading, as the decisions were expected by analysts.

Then, the better than expected US GDP and continuing claims releases sent the US Dollar higher at the beginning of the NY session. But the dollar quickly gave up gains and fell to a two day low, as ECB President Draghi’s press conference got going. Apparently, many traders had expected Draghi to sound more dovish and possibly try to talk down the Euro, but the single currency instead jumped higher on Draghi’s less-dovish tone.

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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.