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USD index (USDX) extends gains above 105.10

Yesterday afternoon, as noted here, the USD index (USDX) stalled initially at 105.10. That matched the prior 2024 high set some days back. The index has now taken out that high and risen to fresh 2024 highs today. That gain has some as the EUR/USD nudges to a fresh low underneath the 1.0729 set yesterday afternoon. The USD/JPY is the main driver for the gains in the index this morning though, as that now lifts to fresh multi-year highs around 153.20. That said, the other leading components of the dollar index (Euro, GBP and CAD) are all under pressure still and this is all pushing the index higher. The main component is the Euro (57% component of the index) and so the price action in the EUR/USD remains the overall key driver for how much further the index can rise from here, assuming it can. The index has risen to a new 2024 high at 105.27 this morning, it is just off that high now, as the European stock markets reopen

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