US DOLLAR INDEX Forecast and News
US Dollar Index rebounds near 98.00; eyes nine-day EMA
The US Dollar Index (DXY) is gaining ground after two days of losses and trading around 98.20 during the early European hours on Friday. The technical analysis of the daily chart shows that the US Dollar Index is remaining within an ascending channel pattern.
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EUR/USD trims losses, back above 1.1650
EUR/USD remains slightly on the back foot on Friday, trading around 1.1650 amid some modest recovery in the US Dollar. Investors, in the meantime, are expected to shift their attention to next week's US inflation data release. Fed officials' comments and trade news also remain in focus.
GBP/USD turns positive near 1.3450
GBP/USD now flirts with the 1.3450 zone, managing to bounce off daily lows as the Greenback’s advance loses some traction. The British Pound remains bolstered by the BoE's hawkish cut at its meeting on Thursday. Cable remains en route to close the week with marked gains.
Gold keeps the rangebound mood near $3,400
Gold seems to have entered a consolidation phase around $3,400 per troy ounce, giving up some gains after previous highs over $3,410. The announcement that the United States would tax one-kilo and 100-ounce gold bars is also supportive of the precious metal.
Crypto Today: Bitcoin uptrend takes a breather as Ethereum, XRP bulls tighten grip
The cryptocurrency market is relatively bullish on Friday, buoyed by renewed risk-on sentiment from both institutional and retail investors. Bitcoin surged toward the $118,000 round-figure resistance before retreating slightly to trade at around $116,525 at the time of writing.
Bank of England cuts rates in dramatic meeting
The Bank of England has cut rates by a further 25 basis points to 4% but the statement hints that officials think the easing cycle is nearing its end. Policymakers are visibly worried about a more persistent bout of inflation as the headline number is way higher than target.
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US DOLLAR INDEX
The US Dollar Index (DXY, USDX) measures the value of the United States Dollar relative to
a basket of foreign currencies. It is a weighted geometric mean of the dollar’s value relative to the following
select currencies: Euro (57.6% weight), 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, following the dissolution of the Bretton Woods
system, with a base value of 100.00. Values are relative to this base – for instance, a current reading of 99.800
would indicate that the dollar has depreciated by 0.2% since the start of the index.
US Dollar Index on Wikipedia
INFLUENTIAL ORGANIZATIONS AND ECONOMIC DATA FOR THE US DOLLAR INDEX
The Federal Reserve (Fed)
The Federal Reserve (Fed) is the central bank of the United States (US) and it has two main targets: to maintain the unemployment rate at its lowest possible levels and to keep inflation around 2%. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors and the partially appointed Federal Open Market Committee (FOMC). The FOMC organizes eight scheduled meetings in a year to review economic and financial conditions. It also determines the appropriate stance of monetary policy and assesses the risks to its long-run goals of price stability and sustainable economic growth. The FOMC Minutes, which are released by the Board of Governors of the Federal Reserve weeks after the latest meeting, are a guide to the future US interest-rate policy.
Fed official website, on X and Facebook
The US Government
The US Government and its Treasury Department impact the US Dollar Index. Events such as administration statements, budgets, new laws and regulations or fiscal policy can increase or decrease the value of the DXY.
US Gross Domestic Product
US Gross Domestic Product (GDP) refers to the total market value of all final goods and services produced in the United States. It serves as a gross measure of market activity, indicating the pace at which the nation's economy is growing or contracting. Generally, a high reading or better-than-expected number is considered positive for the Dollar Index, while a low reading is seen as negative.