Can you believe it? Bad news from the ISM data, and the USD shoots straight up! The charts triptych shown here includes the daily charts on the left, the 30 minute chart in the middle, and the 10 minute chart on the right side. It is remarkable to me how often the obvious fundamentals-related information tends to cause the opposite reaction that what I would have expected. This chart today is a perfect example. After a disastrous drop in the ISM survey data this morning, one would have expected the US Dollar to plunge to new lows. Just the opposite has happened. Even on the daily chart, the rise in the USD Index today is stunning!
Tuesday, February 5, 2008
USD Today: Straight UP!
