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Dollar index (USDX) near session lows as CPI awaits
Yesterday the dollar index (USDX) topped out at 105.95. It fell back into the US close and ended that session at 105.66. The price action so far today has been to the downside, despite rebound in the USD/JPY and the USD/CAD. Just for your guide, the currencies that make up the dollar index are as follow- The Euro, the Yen, the Pound, Canadian dollar, Swedish Krone (why that is included I do not know) and lastly the Swiss Franc. The list there is in defending order of value weighting within the index. So, seeing as the EUR/USD (57.6% of the index) has lifted today, that explains why the USD index has dropped back to a session low so far, of 105.46. It traded as high as 105.73 earlier today. Now the index is very likely to move once the US CPI data hits the screens and as you can see, it is likely to be the EUR/USD price action that calls the shots when it does. The USD index is just now trading at 105.55
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