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DXY: Dollar Index Pares Back Gains to Float Under 105 Ahead of Key Inflation Data

Check out the latest USD Index price with our chart and follow the latest news and analysis from our DailyFX experts. The below chart shows some of the major events that affected the USDX price since 2005. Here we can see that USD is the base currency in four of the six currency pairs included, fxcm canada review with these given a positive value for the purposes of the calculation. The Euro and Pound are the base currency for the two others, with these given a negative value. Traders should make sure they fully understand how these derivative contracts work and the risks involved before they buy.

DXY Technical Overview

The dollar index (DXY00) Thursday fell back from a 2-week high and finished down -0.37%. Thursday’s dovish US economic reports knocked T-note yields lower and weighed on the dollar. The dollar remained lower Thursday on dovish comments from Atlanta Fed President Bostic and New York Fed President Williams. UBS analysts highlighted the possibility of the Bank of Canada (BoC) implementing a rate cut before the U.S.

DXY: Dollar Index Pares Back Gains to Float Under 105 Ahead of Key Inflation Data

Two years earlier, President Richard Nixon had abandoned the gold standard, which allowed the value of the dollar to float freely in foreign exchange (forex) markets. The U.S. Dollar Index is a market index benchmark used to measure the value of the U.S. dollar relative to other widely-traded international currencies. This fundamental information helps me understand what reports and indicators the economists of the world believe will shape future events. This is to be expected since the average includes data from the previous, lower priced days. As long as prices remain above the average there is strength in the market.

Barchart Technical Opinion

Over the last several years, the U.S. dollar index has been relatively rangebound between 90 and 110. Thomas J Catalano is a CFP and Registered Investment Adviser with the state of South Carolina, where he launched his own financial advisory firm in 2018. Thomas’ experience gives him expertise in a variety of areas including investments, retirement, insurance, and financial planning.


On Thursday, the US Dollar Index (DXY) experienced a retreat after a sharp recovery on Wednesday. The gains linked to the bond market surge on Wednesday are now being undone following the release of US Gross Domestic Product (GDP) revisions and soft Jobless Claims figures. The bearish trend in the U.S. dollar index took it from a twenty-year high in September 2022 to below the 100 level in July 2023. After probing under the psychological level, the index has recovered as… Gold reached a new record high in 2023 and was the only precious metal with a significant gain last year.

What Makes the U.S. Dollar Strong?

Investors can use the index to hedge general currency moves or speculate. The index is also available indirectly as part of exchange-traded funds (ETFs) or mutual funds. The USDX uses a fixed weighting scheme based on exchange rates in 1973 that heavily weights the euro. As a result, expect to see big moves in the fund in response to euro movements.

  1. Investors can use the index to hedge general currency moves or speculate.
  2. The gains linked to the bond market surge on Wednesday are now being undone following the release of US Gross Domestic Product (GDP) revisions and soft Jobless Claims figures.
  3. The U.S. dollar index allows traders to monitor the value of the USD compared to a basket of select currencies in a single transaction.
  4. Unique to, Opinions analyzes a stock or commodity using 13 popular analytics in short-, medium- and long-term periods.

What is the US Dollar Index & Why is it Important?

ICE provides live feeds for Dow Futures that appear on and CNN Money. Dollar markets are open, which is from Sunday evening New York City local time (early Monday morning Asia time) for 24 hours a day to late Friday afternoon New York City local time. Wayne Duggan has a decade of experience covering breaking market news and providing analysis and commentary related to popular stocks. News & World Report and a regular contributor for Forbes Advisor and USA Today. Asher Rogovy, chief investment officer at Magnifina, says the USDX also has some shortcomings that investors should understand. Over the last few months especially, there’s been a lot of focus in the world of Currency Trading upon the state of the US Dollar.

It also doesn’t include China’s renminbi (CNY), even though China is now the largest U.S. trading partner by a wide margin. Gold (XAU/USD) trades flat in the $2,340s on Friday, pausing in its labored recovery from Thursday’s three-week trough about $20 lower. For the major indices on the site, this widget shows the percentage of stocks contained in the index that are above their 20-Day, 50-Day, 100-Day, 150-Day, and 200-Day Moving Averages. Highlights important summary options statistics to provide a forward looking indication of investors’ sentiment. After trading below the 100 level in July and above 107 in October, the index has not moved much as stability returned to the dollar against…

Goldman Sachs estimates S&P 500 companies generate about 29% of their total revenue from outside the U.S. Not surprisingly, analysts have tamped down S&P 500 revenue growth estimates for 2023. According to Yardeni Research, the consensus estimate for the fourth quarter is +9%.

Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.

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