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Dollar tumbles as oil rebounds

Discussion in 'Technical Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Yesterday, global markets traded volatile. At the end of the day two developments did catch the eye. First, oil rebounded sharply even as equities traded very volatile and as US oil inventories were much higher than expected. Second, the dollar was sold across the board. The US data were mixed with a good ADP labour report, but the non-manufacturing ISM missed the consensus by a wide margin. The latter reinforced the dollar sell-off and pushed EUR/USD beyond 1.10. Soft comments from Fed

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