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Dollar index (USDX) pares gains ahead of stock market opening
As covered in an earlier update after the release of the December jobs report, the Dollar index (USDX) rose to a new 2025 high, at 109.966. That was also the highest level for the index since 2022. However, the dollar is now paring those immediate gains, that took the index to within a whisker of the 110 handle. The USD/JPY is off the boil and the GBP/USD and EUR/USD are both well off their immediate reaction lows. Gold has lifted to a new high on the day now too and all the US equity futures have pared their earlier lows, as US yields come of the boil. They are still set for a lower opening in a few moments from now, but not as low as priced immediately after that data. So, the Dollar index has pared its gains and it is now tracking back towards 109.60
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