DXY tumbles to 3-months lows as dollar accelerates slide on last trading day of 2017
- US Dollar drops further against European currencies, recovers modestly versus the yen.
- Last trades of the year takes place amid low volume and no new data.
The US Dollar Index accelerated to the downside during the American session and reached the lowest level since September 22 at 92.17. As of writing it was hovering near the lows, headed toward the third daily decline in-a-row.
The greenback has been moving with a bearish bias since mid-December and the trend accelerated during the last few days. The slide came without any particular driver. Quarter and year-end flows contributed to the slide of the US dollar.
Low volume characterized the last week of trading of 2017. No key reports were released. Next week the economic calendar looks busy and includes on Friday the publication of the NFP report.
DXY ends year under pressure
The DXY lost 10% during 2017 and charts show more potential to the downside. The monthly chart shows the index moving with a bearish bias and about to post the lowest close since January 2015. A rebound above 94.50 would be a positive development for the US dollar on the mentioned chart.
Author
Matías Salord
FXStreet
Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.
