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Forex Today: US Dollar Index Hits 10-Month High

By Adam Lemon
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

Solid risk-off sentiment continues to dominate markets, with the US Dollar advancing to long-term highs against the JPY, GBP, EUR, CHF, and AUD.  

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  1. In the Forex market, the US Dollar remains the strongest major currency as the US Dollar Index powers ahead to reach a new 10-month high after breaking above a former key resistance level. The greenback has just reached long-term highs against almost all the major currencies:

The NZD and the CAD are relatively strong and are managing to hold some of their value against the greenback. Trend traders in the Forex market will be most interested in being long USD/JPY and short EUR/USD as these are the two major Dollar pairs which have historically tended to trend most reliably.

  1. The price of Crude Oil has continued to advance, with WTI just kissing $95 per barrel yesterday. The rally is being boosted by shrinking stockpiles at Cushing.
  2. Stock markets remain weak, with the Chinese HSI trading today at a new 11-month low. The price action of most major indices is bearish, and several are near long-term low values.
  3. Most commodities are trading lower in the current risk-off environment, with Gold falling to a new 6-month low well below $1900. However, a few soft commodities are mostly holding value, but none are breaking to new highs.
  4. There will be releases today of US Final GDP and unemployment claims data, which may impact the USD.
  5. There will be releases today of German Preliminary CPI and Spanish Flash CPI data, which may impact the USD.
Adam Lemon
By Adam Lemon

Adam Lemon began his role at DailyForex in 2013 when he was brought in as an in-house Chief Analyst. Adam trades Forex, stocks and other instruments in his own account. Adam believes that it is very possible for retail traders/investors to secure a positive return over time provided they limit their risks, follow trends, and persevere through short-term losing streaks – provided only reputable brokerages are used. He has previously worked within financial markets over a 12-year period, including 6 years with Merrill Lynch.

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