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As our members know, ($DXY) has recently given us correction against the… Silver futures have looked like they will explode higher on rallies, but corrections make them appear to fall into a bearish abyss. Over the past six months, selling silver when it looks the best and buying… Gold made an ominous bearish technical pattern when it made a double-top, reaching $2,072 per ounce in March 2022 and May 2023. Since the latest peak, the price action turned bearish, with the precious… The bearish trend in the U.S. dollar index took it from a twenty-year high in September 2022 to below the 100 level in July 2023.
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At the end of 2019, the DXY traded at 96.5, meaning that the US dollar has slightly depreciated versus the basket of currencies since its establishment in 1973. High interest rates typically weigh on commodity prices as they increase the cost of carrying raw material inventories and increase production expenses. Gold price gathered bullish momentum and rose to its highest level since early January above $2,060. The benchmark 10-year US Treasury bond yield turned south and declined toward 3.8% after mixed US data, fueling XAU/USD’s rally.
- The bearish trend in the U.S. dollar index took it from a twenty-year high in September 2022 to below the 100 level in July 2023.
- Dollar markets are open, which is from Sunday evening New York City local time (early Monday morning Asia time) for 24 hours a day to late Friday afternoon New York City local time.
- Meta Platforms (META) reports its Q4 results after Wall Street’s closing bell on February 1, 2024.
- Silver futures have looked like they will explode higher on rallies, but corrections make them appear to fall into a bearish abyss.
Oil traders were caught by surprise by the EIA build of stockpile by 1.234 million barrels. The US Dollar Index sees post-Fed gains evaporating in fading price move. The Japanese Yen lacks any firm intraday direction and is influenced by a combination of diverging forces. Geopolitical risks, China’s economic woes and the ongoing decline in the US bond yields benefit the JPY. The USD remains supported by reduced bets for a March Fed rate cut and helps limit losses for USD/JPY. The US Dollar (USD) is currently trading at 103.05, with a declining trend, largely triggered by the release of soft labor market data on Thursday that outshadowed strong ISM PMIs figures.
Good growth plus disinflation remains bearish for the USD – TDS
Federal Reserve in 1973 after the dissolution of the Bretton Woods Agreement. It is now maintained by ICE Data Indices, a subsidiary of the Intercontinental Exchange (ICE). This is to be expected since the average includes data from the previous, lower priced days. As long as prices remain above the average there is strength in the market.
About U.S. Dollar Index
Follow the rate of the US Dollar Index (DXY) in real-time at Capital.com to spot the best trading opportunities. The Barchart Technical Opinion rating is a 24% Sell with a Weakening short term outlook on maintaining the current direction. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Dollar Index.
Weekly jobless claims unexpectedly rose to a 2-1/2 month high, and Q4 nonfarm productivity rose more than expected, dovish factors for Fed policy. The euro holds the most weight versus the dollar in the index, making up about 57.6 per cent of the weighting, followed by the yen with around 13.6 per cent. The USDX is based on a basket of six currencies with different weightings (see above).
After each calculation the program assigns a Buy, Sell, or Hold value with the study, depending on where the price lies in reference to the common interpretation of the study. For example, a price above its moving average is generally considered an upward trend or a buy. This fundamental information helps me understand what reports and indicators the economists of the world believe will shape future events.
It is likely in the future that currencies such as the Chinese yuan (CNY) and Mexican peso (MXN) will supplant other currencies in the index due to China and Mexico being major trading partners with the U.S. The index is affected by macroeconomic factors, including inflation/deflation in the dollar and foreign currencies included in the comparable basket, as well as recessions and economic growth hardware development life cycle in those countries. The index started in 1973 with a base of 100, and values since then are relative to this base. It was established shortly after the Bretton Woods Agreement was dissolved. As part of the agreement, participating countries settled their balances in U.S. dollars (which was used as the reserve currency), while the USD was fully convertible to gold at a rate of $35/ounce.
Data are provided ‘as is’ for informational purposes only and are not intended for trading purposes. Stocks maintained their gains on improved prospects for a soft landing after the Jan ISM manufacturing index unexpectedly rose to a 15-month high. Consumer-price index data will help gauge the trajectory of interest rates in 2024 and whether a trim could be on the agenda. The Greenback now accelerates its daily correction and encourages GBP/USD to advance to daily tops in the vicinity of 1.2730, while investors continue to digest the hawkish hold by the BoE.
The index is designed, calculated and published by the Intercontinental Exchange (ICE). Calculate your hypothetical P&L if you had opened a CFD trade on a certain date (select a date) and closed on a different date (select a date). Highlights important summary options statistics to provide a forward looking indication https://traderoom.info/ of investors’ sentiment. While some like to say they were surprised by what the US Fed did and said, the reality is there has been plenty of time to plan ahead based on previous comments. Federal Reserve’s meeting minutes are likely to show what the mood is like on the path of interest rates this year.
Fed chief moved to cool the buzz about early rate trims, saying the central bank wanted more concrete proof inflation has been defeated.
Since I wrote my last analysis, I find that despite the surging hopes for a rate cut of 25 basis points by the Fed in its meeting on Jan.30-31, gold futures continued to witness… Investing.com— Most Asian currencies retreated on Thursday, while the dollar hovered near a seven-week high after the Federal Reserve kept interest rates steady and shot down… The US Dollar Index was introduced by the US Federal Reserve in 1973 after the dismantling of the Bretton Woods Agreement. The constituents of the foreign currency basket were altered only once when several European currencies were subsumed by the euro in early 1999.
President Richard Nixon decided to temporarily suspend the gold standard, at which point other countries were able to choose any exchange agreement other than the price of gold. In 1973, many foreign governments chose to let their currency rates float, putting an end to the agreement. Stock indexes this morning are moderately higher, recovering some of Wednesday’s sharp losses that occurred when Fed Chair Powell said he doesn’t see a Fed rate cut in March. This morning’s Fed-friendly economic reports knocked the 10-year T-note yield down to a 1-month low and supported stocks.