The US Dollar Index (DXY), which gauges the greenback vs. a bundle of its main competitors, remains well bid and reaches new tops in the 92.70 area on Friday.
EUR/USD is trading below 1.1850, at the lowest since April. The dollar is gaining ground ahead of US Nonfarm Payrolls, which are set to show an increase of 690,000 jobs. Covid concerns are weighing on the euro.
GBP/USD prints losses for the seventh straight day. The US dollar stands strong after mixed US economic data, NFP data eyed. Sterling is under pressure due to the rapid spread of the Delta covid variant.
USD/JPY continues with its rally and pushes higher to make fresh daily tops. Bulls are not in a mood to settle down any time soon if price remains strong above 111.60. Momentum Oscillators hold onto a positive trajectory, signaling more upside.
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Gold price is holding onto the recent gains in the lead-up to the NFP showdown. The US labor market report could likely throw fresh light into the timeline of the Fed’s monetary policy shift. The US economy is expected to add 69K jobs in June.
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WTI stays on the front foot around the highest levels since October 2018. Extension of rebound from 10-DMA, upbeat MACD favor bulls. Ascending trend line from late May adds to the downside filters.
The U.S. Dollar Index (USDX) is an index (or measure) of the value of the United States dollar relative to a basket of foreign 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 the absolution of Bretton Woods- with a base of 100.000, and values since then are relative to this base. For example, if the current reading says 99.800, this means that the dollar has fallen 0.2% since the start of the index (99.800 - 100.000).
Being the Dollar Index a geometrically weighted index and not a trade-weighted one, it is too concentrated in Europe and does not include two of the U.S. top four trading partners Mexico and China. It does not appear to be used by corporates or many asset managers, like mutual funds, insurance companies, and endowments. It is primarily a speculative vehicle. It"s also important to acknowledge that a geometric mean artificially lowers the value of the USD over time.
The US Dollar Index news can be seriously affected by the decisions taken by these organizations and people:
US GDP (Gross Domestic Product), the total market value of all final goods and services produced in the United States of America. It is a gross measure of market activity because it indicates the pace at which a country"s economy is growing or decreasing. Generally speaking, a high reading or a better than expected number is seen as positive for the Dollar Index, while a low reading is negative.