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Jonathan Granby

 USD INDEX GRAPHIC REWIND

The dollar hand (DXY) was dominated by all things euro related, with the simple-currency experiencing some whipsaw price action which translated into some shrewd moves in the index. The dollar started the day well pray on the back of the German naked short-selling ban and of the same nature official comments, however, this bid tone was quickly reversed as the euro soared. The lock opener drivers in this move were the SNB intervention in the Eur/Chf gospel and heavy talk of flows favouring the euro. As a effect the index spent a large portion of the North American sitting under intense pressure as the euro reversed its recent losses and decimated the commodity currencies, despite equity and commodity weakness. The dollar did finally fascinate a bid going into Asian trade, when the euro settled, a GDP miss in a puzzle of Japan and weak equities weighed on sentiment bolstering the Usd once again. 

 

Looking ahead, we have already seen some sharp moves in the dollar table of contents early in Europe on the back of some strong rhetoric from European officials defending the euro-district and single currency. In North American trade weekly jobless claims are appropriate, however, these may be overlooked as investors continue to focus solely put ~ Europe and the euro. 

 

 

 

Written by Joel Kruger, Technical Currency Strategist with regard to DailyFX.com 

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