The US Dollar Index (DXY) made a strong comeback at the end of last week, climbing back above the 105.00 level. This has been a positive development for the greenback, and economists at MUFG Bank believe there is still room for the USD to continue its rebound in the near-term.
The DXY has been on a steady incline since the start of the year, with the index breaking above the 105.00 mark and now set to retest the year-to-date high at 105.63. This could be followed by a further push to the 200-Day Moving Average at just below 106.50.
The US Dollar has been on a gradual decline since it peaked in late 2016, with the DXY dropping from over 103.00 to a low of just under 89.00 in March 2020. The pandemic-induced risk-off environment saw investors flock to the safe haven currency, resulting in a sharp appreciation of the US Dollar.
However, the US Dollar has since been in retreat, with the DXY dropping from a high of 103.81 in March 2020 to a low of 89.17 in April 2021. This decline has been attributed to a combination of factors, including easing of pandemic-induced restrictions, the success of global vaccination efforts, and an increase in risk appetite.
The US Dollar Index has been on an upward trajectory in recent weeks, with the index climbing back above the 105.00 level. This has been largely driven by the US Dollar’s safe haven status, with investors once again turning to the greenback in times of uncertainty.
The US Dollar’s recent rebound has been welcomed by economists at MUFG Bank, who believe that there is still room for the USD to run further in the near-term. After breaking above the 105.00 mark, the DXY is set to retest the year-to-date high at 105.63, and then the 200-Day Moving Average at just below 106.50.
The US Dollar Index is a measure of the US Dollar’s strength relative to a basket of six major currencies: the Euro, the Japanese Yen, the British Pound, the Canadian Dollar, the Swedish Krona, and the Swiss Franc. The index is used by investors and economists as an indicator of the US Dollar’s performance in the foreign exchange market.
The US Dollar Index has been on a roller coaster ride in recent years, with the index dropping from a high of 103.81 in March 2020 to a low of 89.17 in April 2021. This decline has been attributed to a combination of factors, including easing of pandemic-induced restrictions, the success of global vaccination efforts, and an increase in risk appetite.
However, the US Dollar has since been on the rise, with the DXY climbing back above the 105.00 level at the end of last week. This has been largely driven by the US Dollar’s safe haven status, with investors once again turning to the greenback in times of uncertainty.
Economists at MUFG Bank believe that the US Dollar’s recent rebound has room to run further in the near-term. After breaking above the 105.00 mark, the DXY is set to retest the year-to-date high at 105.63 and then the 200-Day Moving Average at just below 106.50.
The US Dollar Index is an important indicator of the US Dollar’s performance in the foreign exchange market. The index is used by investors and economists to gauge the US Dollar’s strength relative to a basket of six major currencies, and the recent rebound of the DXY has been welcomed by economists at MUFG Bank.
The US Dollar has been on a gradual decline since it peaked in late 2016, with the DXY dropping from over 103.00 to a low of just under 89.00 in March 2020. The pandemic-induced risk-off environment saw investors flock to the safe haven currency, resulting in a sharp appreciation of the US Dollar.
However, the US Dollar has since been in retreat, with the DXY dropping from a high of 103.81 in March 2020 to a low of 89.17 in April 2021. This decline has been attributed to a combination of factors, including easing of pandemic-induced restrictions, the success of global vaccination efforts, and an increase in risk appetite.
The US Dollar Index has been on an upward trajectory in recent weeks, with the index climbing back above the 105.00 level. This has been largely driven by the US Dollar’s safe haven status, with investors once again turning to the greenback in times of uncertainty. Economists at MUFG Bank believe that there is still room for the USD to continue its rebound in the near-term. After breaking above the 105.00 mark, the DXY is set to retest the year-to-date high at 105.63 and then the 200-Day Moving Average at just below 106.50.
The US Dollar Index is an important indicator of the US Dollar’s performance in the foreign exchange market, and the recent rebound of the DXY has been welcomed by economists at MUFG Bank. This upward momentum of the US Dollar is likely to continue in the near-term, with the DXY set to retest the year-to-date high at 105.63 and then the 200-Day Moving Average at just below 106.50.
The US Dollar’s recent rebound is a positive development for the greenback, and economists at MUFG Bank believe there is still room for the USD to continue its rebound in the near-term. This upward momentum of the US Dollar is likely to continue in the coming weeks, with the DXY set to retest the year-to-date high at 105.63 and then the 200-Day Moving Average at just below 106.50.
The US Dollar Index is an important indicator of the US Dollar’s performance in the foreign exchange market, and the recent rebound of the DXY has been welcomed by economists at MUFG Bank. The US Dollar’s safe haven status has been a key driver of its recent rebound, with investors turning to the greenback in times of uncertainty. This upward momentum of the US Dollar is likely to continue in the near-term, with the DXY set to retest the year-to-date high at 105.63 and then the 200-Day Moving Average at just below 106.50.
