News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bullish
Wall Street
Bearish
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • @JohnKicklighter https://t.co/EaGYJacfXL
  • Looks like markets have a 'case of the Septembers' today. I think there is more than seasonality at work for $SPX/$VIX but it certainly adds to the environment https://t.co/VX29tT1UfL
  • White House Advisor Kudlow says V-shaped recovery occurring in the United States - BBG
  • already been a strong week for $USD and we haven't even hit noon on Monday https://t.co/AuvRuGlKMR https://t.co/a98Ms4I9e8
  • ...here is Gold overlaid with the net speculative futures positioning from the COT. It was fairly heavy net-long but not overindulgent. Worth evaluating its full haven properties an if they still apply https://t.co/aqlfmlUbYl
  • Gold isn't acting like a safe haven - or at least a traditional one. Clearing support back to late July in this risk-off environment. Was there speculative funds topping this off that need to be freed up for margin elsewhere? https://t.co/iBwRuflOgr
  • Forex Update: As of 14:00, these are your best and worst performers based on the London trading schedule: 🇯🇵JPY: 0.04% 🇨🇭CHF: -0.52% 🇨🇦CAD: -0.62% 🇬🇧GBP: -0.93% 🇦🇺AUD: -1.13% 🇳🇿NZD: -1.46% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/BmGU19q98W
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: -2.56% Wall Street: -3.10% FTSE 100: -3.91% France 40: -4.17% Germany 30: -4.80% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/YLmOh370Qu
  • ...and a well-known carry trade pair, $AUDJPY, has started to tip into retreat - though I wouldn't say this has the same scale of discreet directional change https://t.co/rYEdGMWS8b
  • The $EEM emerging market ETF has opened to a sharp gap down on the open and some follow through, but technically still above its range floor at the moment https://t.co/Lssj70sAqW
Graphic Rewind: A Quiet Week of Trading Leaves the US Dollar Lower

Graphic Rewind: A Quiet Week of Trading Leaves the US Dollar Lower

2014-02-28 20:07:00
Benjamin Spier, Technical Strategist
Share:

Talking Points:

  • US dollar rises on better than expected new home sales
  • Greenback erases gains following Yellen’s testimony

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

US Dollar 1-Hour 17:00 02/23 to 12:00 02/28 EST

Graphic_Rewind_A_Quiet_Week_of_Trading_Leaves_the_US_Dollar_Lower_body_Picture_1.png, Graphic Rewind: A Quiet Week of Trading Leaves the US Dollar Lower

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

The Dow Jones FXCM US Dollar Index saw bits of intraday volatility through this week’s trading, but the greenback looks ready to only close about 40 points lower than the weekly open at the time of this writing. There were no major events in this week’s calendar that were worthy of a major shift in US Dollar trading.

The greenback fell lower through Monday and Tuesday trading, despite a lack of significant news releases. But those losses were erased over Wednesday’s London session, and the greenback gains were extended on the release of a surprise rise in US New Home Sales in January.

However, those gains were erased on Thursday during Yellen’s testimony to the Senate. Yellen strongly supported a continuation of the current pace of taper, making the greenback selloff slightly mysterious from a fundamental perspective.

Friday’s trading saw a release of higher than expected Euro-zone inflation, which sent EUR/USD 75 pips higher. Then, US GDP slightly missed expectations for Q4, which sent the dollar lower. But neither release had a lasting effect on greenback trading, and the dollar continues to trade around 10,550 at the time of this writing.

Want to trade with proprietary strategies developed by FXCM? Find out how here.

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.

DISCLOSURES