U.S Dollar Index Shows 6.6% Gain In 2024
The dollar index, which compares the greenback’s strength to six major currencies, showed a 6.6 percent gain in 2024 after easing 0.06 percent on Friday.
The USD/Yen was still close to Tuesday’s 5-1/2-month high Although it was down by 6 basis points. In comparison. the greenback gained 53.4 percent this month against the struggling Japanese yen and nearly 12 percent for 2024.
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Indicators point higher and closer to overbought levels as the Dollar Index continues its bullish momentum. The DXY continues to creep higher near 108 index points amid low market liquidity, indicating ongoing buying interest. The technical picture stays positive if the DXY index is above 106 index points.
The Japanese Yen suffered because the BoJ decided against raising interest rates this month.
The statement by Governor Kazuo Ueda that he would rather wait for clarity on Trump’s policies highlights growing anxiety among U.S. central banks globally. S. . tariffs affecting international trade. Jerome Powell, the Fed’s chair, stated earlier this month that Central bank officials “are going to be cautious about further cuts.”.
Donald Trump has also had an impact on the economy. His proposed deregulation, tax cuts, tariff hikes, and stricter immigration laws are seen by economists as both inflationary and pro-growth.
Conversely, traders expect the European Central Bank to implement additional rate cuts and the Bank of Japan to maintain its loose monetary policy settings, which can be positive for their respective currencies. The escalating anticipations of higher U.S. interest rates propelled the 10-year Treasury yield to its peak since early May, initially reaching 4.641% on Thursday.
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