US DOLLAR FORECAST: DXY INDEX TOPS 100 AS USD PRICE ACTION EXTENDS HIGHER DESPITE FED ACTIONThe US Dollar extends larger with USD
US DOLLAR FORECAST: DXY INDEX TOPS 100 AS USD PRICE ACTION EXTENDS HIGHER DESPITE FED ACTION
- The US Dollar extends larger with USD value motion on tempo for the most important back-to-back weekly achieve since March 2015
- US Greenback funding stress appears to persist regardless of financial stimulus efforts from the Fed as financial prices from the coronavirus pandemic mounts
- The DXY Index explodes previous the 100.00 deal with amid a breakdown in EUR/USD and GBP/USD whereas USD/CAD and USD/JPY climb
The DXY Index, a basket of major currency pairs reflecting broad efficiency within the US Greenback, soared previous the 100.00 mark on Wednesday. The current rally in USD value motion, which comes despite aggressive intervention from the Federal Reserve, has pushed the DXY Index to its highest stage since April 2017.
DXY INDEX – US DOLLAR PRICE CHART: WEEKLY TIME FRAME (NOVEMBER 2016 TO MARCH 2020)
Chart created by @RichDvorakFX with TradingView
The DXY Index is now up over 6% since its March 09 intraday swing low, which units the US Greenback rally over the past two weeks at its quickest tempo in 5 years. I famous in yesterday’s US Dollar forecast how the continued ascent within the US Greenback and DXY Index Is probably going attributed to widespread danger aversion, which tends to gas demand for safe-haven currencies such because the USD. This comes amid comes amid deepening coronavirus…