USD DXY Pops Above 107, BTC Price Knocking on $100K as the Trump Trade Continues

The US Dollar index DXY was facing resistance below 107 points but a decisive move today sent the price breaking above the resistance, which opens the door for further gains, with the economic data such as Unemployment Claims helping along the way.

The USD index DXY declined in August, but bottomed out above 100 points and consolidated in a range in September. In October the index turned bullish and the upside momentum continued in November after Donald Trump’s victory, breaking above the high of 2024 last week.

USD Index DXY Chart Daily – Breaking Last Week’s High

After a small retreat early this week, the uptrend resumed and now we’re at a new yearly high, with EUR/USD falling below .05 as well, so the Trump Trade continues, with stocks also heading to new record highs, while BITCOIN is very close to $100k.

Bitcoin Chart Daily – The $100,000 Level Is Here

Bitcoin’s price has surged by an impressive 47.3% since November 4, the day preceding the U.S. election, as the market reacts positively to a crypto-friendly administration taking charge. Fueling the excitement, the release of “BITCOIN 100K” merchandise, including t-shirts and hats, has coincided with Bitcoin climbing to a new record of $98,508, now sitting just shy of the $100,000 milestone. Notably, Bitcoin first crossed the $90K threshold on November 12, marking a significant milestone just ten days ago.

US Jobless Claims Report

Initial Jobless Claims:

• Latest figure: 213K (better than the 220K estimate).
• Previous week: Revised to 219K from 217K.
• 4-week moving average: 217K (down from 221K prior).

Continuing Jobless Claims:

• Latest figure: 1.908M (higher than the 1.873M estimate).
• Previous week: Revised to 1.872M from 1.873M.
• 4-week moving average: 1.879M (up from 1.874M prior).

State-Level Changes in Initial Claims (Week Ending November 9):

• Largest Increases:
  • California: +5,906
  • New Jersey: +2,439
  • New York: +2,327
  • Minnesota: +1,889
  • Texas: +1,275
• Largest Decreases:
  • Michigan: -4,072
  • Kansas: -599
  • Wisconsin: -436
  • Ohio: -305
  • North Dakota: -284

EUR/USD Live Chart