Talking Points:
Chinese PMI beat sends Aussie higher against the Dollar
USD rides higher against Euro on disappointing PMI’s
Dollar rises into daily gains on the trade balance
A look back at the past 24 hours of Forex trading using movements in the US Dollar Index:
US Dollar 15-Minute 12:00 10/23 to 12:00 10/24 EST
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The Dow Jones FXCM Dollar Index remained relatively unchanged over the past 24-hours of trading, despite a wave of volatility on Purchasing Managers’ Index releases from around the globe.
The US Dollar was silent in the second half of yesterdays’ NY session, but the greenback fell to a daily low of 10,367 after a better than expected release of Chinese HSBC PMI for manufacturing. The release sent the Aussie higher against the US Dollar. However, the Dollar did not fall below the 8-month low set yesterday at 10,354.
Then, the Dollar erased most of the earlier losses on worse than expected German and French PMI’s in an initial estimate for October. The disappointing releases sent the Euro higher against the Dollar.
Finally, the Dollar index rose into the green for the day on a lower than expected US trade deficit, but those gains were soon erased either in a delayed unwinding or because of the disappointing preliminary US Markit PMI for October.
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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
