Talking Points:
FOMC minutes fail to significantly move US Dollar
Greenback gains on Euro weakness were limited
A look back at the past 24 hours of Forex trading using movements in the US Dollar Index:
US Dollar 15-Minute 12:00 01/08 to 12:00 01/09 EST
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The past 24 hours of trading included a few highly anticipated events, but the Dow Jones FXCM Dollar Index hasn’t changed levels significantly since the Tuesday close, despite some event related bumps in volatility.
Yesterday’s release of the FOMC minutes from the December meeting, when the taper start was announced, failed to produce any market moving headlines. The dollar index continued to trade between 10,715 and 10,700 into the overnight trading, including a decline into Aussie strength on better than expected Australian retail sales.
The unchanged BoE and ECB rate decisions failed to significantly move Forex markets, as both releases met expectations. However, ECB President Draghi’s press conference at the start of the NY session sent the Euro lower against the US Dollar, following comments on inflation risks and accommodative policy.
US Dollar volatility may increase tomorrow on the release of the change of non-farm payrolls for December,
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Charts created by Benjamin Spier using Marketscope 2.0
— Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.Learn forex trading with a free practice account and trading charts from FXCM.
Source: Daily fx
