DXY retreats for the third session in a row and prints new monthly lows in the 103.40/35 band on Monday.
EUR/USD has managed to stay in positive territory above 1.0700 despite having retreated modestly in the early American session. ECB President Lagarde reiterated that inflation in the Eurozone is projected to remain too high for too long, helping the Euro keep its footing.
GBP/USD has gathered bullish momentum and advanced to its highest level since mid-February above 1.2250 on Monday. The US Dollar struggles to find demand following a mixed opening in Wall Street and allows the pair to cling to its daily gains.
The USD/JPY pair retreats over 200 pips from the daily swing high and drops to its lowest level since February 10 during the first half of the European session on Monday. Spot prices, however, manage to rebound a few pips in the last hour and currently trades around the 131.00 mark, still down over 0.60% for the day.
Gold price has turned south and dropped below $1,980 after having rallied to a fresh multi-month high of $2,010 earlier in the day. The 10-year US Treasury bond yield has turned positive on the day near 3.5% following the sharp decline seen in the European session and weighed on XAU/USD.
West Texas Intermediate (WTI) price fell below the $67 mark despite reassurance from major central banks. A likely case of banking contagion is unfolding. Credit Suisse fell apart. Later on, UBS was urged to acquire the troubled bank.
US Dollar Index on Wikipedia
The US Dollar Index news can be seriously affected by the decisions taken by these organizations and people:
When I write the Online Trading Academy Forex newsletter, I give my opinion about what I believe is happening to the currencies of the world based on the news I hear, the experts I follow, and my personal experiences of the economic cycles I have seen in the past. This fundamental information helps me understand what reports and indicators the economists of the world believe will shape future events.
Have you watched the US Dollar Index (USDX) Futures contract trade during the day? Do you notice that with each price change the intervals are always a minimum tick of .005? And then at the end of the day when you look at your daily candle of the USDX you see a closing price like 97.197.
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. No matter what your opinion is of the Greenback, it is still, without question, regarded as the world’s primary reserve currency and holds its weight of recognition across the board.
