DXY tumbles to 3-months lows as dollar accelerates slide on last trading day of 2017

Matías Salord FXStreet

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.

EUR/USD climbs to daily highs near 1.1820

EUR/USD now picks up pace and advances to the area of daily peaks north of the 1.1800 barrier at the end of the week. The pair’s decent move higher comes against the backdrop of a generalised lack of direction in the FX galaxy and the mild offered stance in the US Dollar.

GBP/USD trims losses, retests 1.3460

After briefly challenging its key 200-day SMA near 1.3440, GBP/USD now manages to regain some balance and revisit the 1.3460 zone on Friday. Cable’s pullback comes as the selling pressure on the Greenback gathers traction, reigniting some recovery in the risk-linked space.

Gold flirts with four-week highs past $5,200

Gold extends its rebound, climbing for a third consecutive session and pushing back above the $5,200 mark per troy ounce on Friday. The move higher continues to draw support from lingering geopolitical tensions and the ongoing uncertainty surrounding US trade policy, both of which are keeping safe-haven demand firmly in play.

Bitcoin, Ethereum and Ripple consolidate with short-term cautious bullish bias

Bitcoin, Ethereum and Ripple are consolidating near key technical areas on Friday, showing mild signs of stabilization after recent volatility. BTC holds above $67,000 despite mild losses so far this week, while ETH hovers around $2,000 after a rejection near its upper consolidation boundary.

Changing the game: International implications of recent tariff developments

The Supreme Court ruling on International Emergency Economic Powers Act (IEEPA) tariffs provides limited relief for the rest of the world, with weighted average tariff rates modestly lower.

Starknet unveils strkBTC, shielded Bitcoin transactions on Ethereum Layer 2

Starknet, the Ethereum Layer 2 network developed by StarkWare, today announced strkBTC, a wrapped Bitcoin asset that introduces optional shielding while preserving full DeFi composability.