Dollar Falls on Soft US Data, Dovish Fed Outlook

Dollar_Falls_on_Soft_US_Data_and_Dovish_Fed_Outlook_body_rewindfeb01.png, Dollar Falls on Soft US Data, Dovish Fed Outlook

THE TAKEAWAY: A rally in the Dollar earlier in the weak lost momentum as attention turned to the Federal Reserve meeting and poor GDP figures weighed on the currency.

The US Dollar opened higher after the weekend and rallied early in Monday trading as investors awaited the Durable Goods data set to be released later in the day. Strong goods data saw investors seek more risky assets and as they sought to get out of their Dollar positions, the currency weakened.

Consumer Confidence was the next piece of data that investors eyed and as the FOMC meeting approached, the figure might have set the tone for the outlook on the Federal Reserve’s Quantitative Easing program. Consumer Confidence for the US disappointed, and investors sold their Greenback positions as the data confirmed speculation that the Fed was likely to remain dovish on monetary policy.

Across the Atlantic, European Consumer Confidence came in line with expectations which saw the Euro rally sharply against the US Dollar, forcing the safe haven currency to lower levels. The Greenback fell further, as US GDP came in worse than expected and the FOMC saw growth stagnation for the world’s largest economy.

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.

Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.2534+0.0005+0.04%
    USDSGD=X
    1.7313+0.0006+0.04%
    EURSGD=X
    2.1048+0.0007+0.03%
    GBPSGD=X
    81.7198-0.0129-0.02%
    SGDJPY=X
    6.1869-0.0025-0.04%
    SGDHKD=X
    2.5835-0.0011-0.04%
    SGDMYR=X
    9,113.1768-38.042-0.42%
    SGDIDR=X
    4.9620-0.0022-0.04%
    SGDCNY=X
    1.1694+0.0009+0.07%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,294.60-8.90-0.68%
    GCM14.CMX
    19.65+0.02+0.08%
    SIK14.CMX
    90.18-0.65-0.72%
    ^XAU
    3.04+0.02+0.51%
    HGK14.CMX
    104.59+0.83+0.80%
    CLK14.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.73+0.08
    ^FVX
    2.72+0.08
    ^TNX
    3.52+0.06
    ^TYX

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.115-0.002-1.71%
    B22.SI
    0.48+0.020+4.35%
    5GJ.SI
    2.27+0.090+4.13%
    5ME.SI
    2.190.0000.00%
    JS8.SI
    0.61+0.005+0.83%
    E5H.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.162+0.034+26.56%
    5GF.SI
    0.20+0.034+20.48%
    5WD.SI
    0.59+0.050+9.26%
    L5I.SI
    0.28+0.020+7.69%
    C33.SI
    0.215+0.015+7.50%
    5UE.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.103-0.010-8.85%
    5OS.SI
    0.112-0.008-6.67%
    5RC.SI
    0.355-0.025-6.58%
    KJ9.SI
    0.215-0.015-6.52%
    F9M.SI
    0.29-0.020-6.45%
    5PC.SI