(MENAFN- DailyFX)
Talking Points:
-
US Dollar declines slightly on news of Yellen’s nomination
-
Pound declines on disappointing production data
-
BoJ outlook improves in Fed minutes
-
US Dollar sets a weekly high
A look back at the past 24 hours of Forex trading using movements in the US Dollar Index:
US Dollar 15-Minute 08:00 10/08 to 08:00 10/09 EST
Want to trade with proprietary strategies developed by FXCM? Find out how here.
The US Dollar rallied to a new weekly high over the past session despite ongoing greenback negative stories, like the nomination of Janet Yellen as the new Fed chief and the potential US default.
The Wall Street Journal leaked after the US close that President Obama would nominate Janet Yellen as the new Fed chief, and the US Dollar declined against major pairs, because Yellen is considered the more dovish option among the possible candidates.
However, those declines were quickly erased in the rest of overnight trading. The BoJ released minutes from its meeting saying that it sees the economy improving and inflation rising. USD/JPY rose 50 pips and above 97.00 during the overnight hours.
UK Industrial Production and Manufacturing Production releases severely disappointed expectations and sent the Pound lower against the US Dollar during the European session. The US Dollar continues to trade near 10,520 at the time of this writing.
New to Forex? Watch this video
Charts created by Benjamin Spier using Marketscope 2.0
-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .
original source
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.