Does anyone know what news or other event happened at 11:00 am ET this morning? There was a huge drop in the dollar, it went down about 70 cents. I knew about the Advance GDP news event at 8:30 am ET. but don’t know what caused the one at 11:00 am.
Steve C.
Guess it was U.Michigan Confidence which fell short of forecasts (90 actual vs. 92.2 exp.). I traded GDP and this report with Hotforex, managed to bite good chunk from the move 
70 [B]pips[/B], perhaps? That’s actually less than 1 cent … 
No, it was 70 cents on the DXY- Dollar index. It was about 70 pips on the USDCHF currency.
It wasn’t just the GDP that sent the Dollar diving, but the BOJ announcement on their stimulus programme or the lack of. Speculation is that the Dollar weakness will probably continue unless their is positive data out of the US. However one possible pair to look at is the GBP/JPY with the high possibility of BOE cutting their interest rates