TrendsWide
Contact US
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
  • Home
  • Trending
  • Health
  • Life Style
  • NBA
  • Reviews
No Result
View All Result
TrendsWide
No Result
View All Result
Home Economie

Here’s why the US dollar index has crashed to a 5-week low.

by souhaib
April 19, 2021
in Economie
0
74
SHARES
1.2k
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT


The US dollar index (DXY) is down for the second straight day as US bond yields continued to decline. The index is trading at $91.13, which was the lowest level since March 4.

You might also like

‘momentum is continuing into 2022’

Astra Space stock closed down 20% on Monday: here’s why

Ripple, Dogecoin, Litecoin price forecast for February 2022

DXY
DXY price action

US dollar index relentless sell-off

The US dollar has been under pressure even after recent positive strong numbers from the United States. Early this month, data by Markit and the Institute of Supply Management (ISM) showed that the manufacturing and services sector continued to fire on all cylinders in March. 


Are you looking for fast-news, hot-tips and market analysis?

Sign-up for the Invezz newsletter, today.

Less than two weeks ago, data by the Bureau of Labour Statistics (BLS) revealed that the American economy added almost a million jobs in March. The unemployment rate declined while the participation rate also rose. 

And last week, data revealed that the number of people who filed for initial jobless claims dropped to below 600,000 for the first time since the pandemic started.

Meanwhile, data by the government showed that the US consumer inflation rose by 2.6% in March. Core consumer prices rose by 1.6%. Further, retail sales rose by double digits in March as the residents spent part of their stimulus checks.

At the same time, American corporations are doing well, as evidenced by the strong results released last week. Most companies like Blackrock, Goldman Sachs, and JP Morgan reported better-than-expected results. According to FactSet, more companies are beating their estimates by a wider margin than average.

In theory, these numbers ought to propel the dollar index higher. However, the index has declined because of the performance of the bond market and the assurances by the Federal Reserve. Today, the 10-year yield dropped by almost 1% to 1.5600%. Similarly, the 30-year yield dropped by 0.90% to 2.24%. 

Analysts at most forex brokers believe that the Fed will continue with its dovish tone in a bid to drop the unemployment rate to below 4%.

Tip: looking for an app to invest wisely? Trade safely by signing-up with our preferred choice,
eToro:

visit & create account

DXY technical analysis

US dollar index
US dollar index chart

The four-hour chart shows that the US dollar index has been in a sharp downward trend recently. It has declined to the 61.8% Fibonacci retracement level. The decline has also been supported by the 25-day and 50-day moving averages. It has also moved below the first support of the standard pivots. Therefore, the path of least resistance for the index is lower, with the next key support being at $91. 



Source link

Share this:

  • Twitter
  • Facebook
  • More
  • Pinterest
  • Telegram
  • Email
Share30Tweet19
Previous Post

Shaken by COVID, a pair of LA bartenders found a way to stir up more business for craft cocktails during the pandemic

Next Post

Super League: FIFA, PES, Football Manager Fans Question What It Means for Games

souhaib

Recommended For You

‘momentum is continuing into 2022’

by souhaib
February 7, 2022
0

Shares of Chegg Inc (NYSE: CHGG) are up 10% in extended trading on Monday after the student services company said it performed better-than-expected in Q4, despite COVID-19 uncertainty....

Read more

Astra Space stock closed down 20% on Monday: here’s why

by souhaib
February 7, 2022
0

Read more

Ripple, Dogecoin, Litecoin price forecast for February 2022

by souhaib
February 7, 2022
0

The cryptocurrency market is advancing this Monday, and this situation also supports the price of Ripple XRP/USD, Dogecoin DOGE/USD, and Litecoin LTC/USD. Bitcoin is trading above the $44,000...

Read more

Analyst: ‘Apple would be forced into it if Amazon goes after Peloton’

by souhaib
February 7, 2022
0

Read more

Should I buy Uber shares in February 2022?

by souhaib
February 7, 2022
0

Uber Technologies, Inc. (NYSE: UBER) will announce fourth-quarter earnings results this Wednesday, February 09, after the market closes. Uber shares have weakened more than 10% since the beginning...

Read more
Next Post

Super League: FIFA, PES, Football Manager Fans Question What It Means for Games

No Result
View All Result

Recent Posts

  • NBA: The Blazers continue their reconstruction with Jerami Grant
  • The IMF predicts a slowdown in the US economy, but believes it can avoid recession | Economy
  • After the Supreme Court ruling on abortion, are there more rulings on historical precedent to come? | Video
  • The incredible transformation of Lucía Méndez as a “drag queen”
  • Mexican peso closes the week with advance after Banxico rate hike

Browse by Category

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Categories

  • Australia
  • Automotive
  • Business
  • Celebrity
  • Cryptocurrency
  • Deals
  • Economie
  • Education
  • Euro
  • Forex
  • Gaming
  • Health
  • Life Style
  • NBA
  • News
  • Reviews
  • Sports
  • Switzerland
  • Trending
  • U.S.
  • Uncategorized

Pages

  • Contact US
  • Newsletter
  • Privacy Policy
  • Terms & Conditions

© 2021 - TrendsWide

No Result
View All Result
  • Home
  • Contact US
  • Privacy Policy
  • Trending
  • U.S.
  • Economie
  • Deals
  • Reviews
  • Cryptocurrency
  • Health
  • Life Style
  • NBA

© 2021 - TrendsWide