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Dollar index (USDX) still on track for further gains towards 110?
Earlier this week an update here noted the prospects for the Dollar index (USDX) to press higher and potentially surpass the 2023 high, at 107.35. Well, it has done that of course today, all because of the slide in the EUR/USD earlier this morning. The Dollar index reached a high at that point, at 108.07. Naturally, given the rebound in the EUR/USD off the earlier lows, the index has dropped back and reversed below 107.50. It has not yet fallen back much below 107.35 though and that might be important- we shall see. In the previous update earlier this week, the outlook for the Dollar index to press on, closer to the 110 handle was highlighted and as you can see so far today, that has played out pretty much as envisaged. We shall see, whether or not that continues to do so, but the immediate signs are positive.
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