USD Index (DXY) Caught Between a Rock and a Hard Place. Catalyst May be Needed for a Breakout.
The US Dollar Index (DXY) has struggled to maintain the upside momentum it gained over the last 2 days. This could in part be down to the Thanksgiving Holiday and we could get a continuation of the recent bounce heading into next week.
The US Dollar has struggled on the back of weakening data over the past few weeks as markets continue to grapple with the possibility that Federal Reserve are done. Yesterdays rebound was helped further by a decline in initial jobless claims which may keep the demand environment strong and thus hamper the fight against inflation.
The week is coming to an end with no high impact data releases from the US and although we will get a slight rebound in trading volumes tomorrow, there is every chance we remain rangebound heading into the weekend
The US Dollar Index (USDX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of US trade partners' currencies. These currencies are the Euro (constituting 57.6% of the weighting), Japanese Yen (13.6%), British Pound (11.9%), Canadian Dollar (9.1%), Swedish Krona (4.2%) and Swiss Franc (3.6%). The index started in 1973 with a base of 100, and values since then are relative to this base.
The US Dollar Index (DXY) has struggled to maintain the upside momentum it gained over the last 2 days. This could in part be down to the Thanksgiving Holiday and we could get a continuation of the recent bounce heading into next week.
The US Dollar has struggled on the back of weakening data over the past few weeks as markets continue to grapple with the possibility that Federal Reserve are done. Yesterdays rebound was helped further by a decline in initial jobless claims which may keep the demand environment strong and thus hamper the fight against inflation.
The week is coming to an end with no high impact data releases from the US and although we will get a slight rebound in trading volumes tomorrow, there is every chance we remain rangebound heading into the weekend
The US Dollar Index (USDX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies, often referred to as a basket of US trade partners' currencies. These currencies are the Euro (constituting 57.6% of the weighting), Japanese Yen (13.6%), British Pound (11.9%), Canadian Dollar (9.1%), Swedish Krona (4.2%) and Swiss Franc (3.6%). The index started in 1973 with a base of 100, and values since then are relative to this base.
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