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U.S. Dollar Index ($DXY)

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U.S. Dollar Index Futures Market News and Commentary

Dollar Pressured After FOMC Cuts Interest Rates by 50 bp

The dollar index (DXY00) Wednesday tumbled to a 14-month low and finished down by -0.12%.  The dollar sank Wednesday after the FOMC cut the fed funds rate by 50 bp and projected another 50 bp of rate cuts by the end of the year.  The dollar was also undercut after the Fed cut its 2024 US GDP forecast and cut its 2024 core PCE price forecast, dovish factors for Fed policy.  The dollar recovered from its worst levels after Fed Chair Powell said the Fed is in no rush to ease monetary policy.  

The FOMC voted 11-1 to cut the fed funds target range by 50 bp to 4.75%-5.00% and said the committee is "strongly committed to supporting maximum employment" and returning inflation to its 2% goal.

The FOMC cut its 2024 US GDP forecast to 2.0% from 2.1% in June and cut its 2024 core PCE estimate to 2.6% from 2.8% in June.  The FOMC also raised its 2024 unemployment forecast to 4.4% from 4.0% in June.

The FOMC cut its fed funds forecast for the end of 2024 to 4.375% from 5.125% i... Read more

Price Performance

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Period Period Low Period High Performance
1-Month
100.21 +0.72%
on 09/18/24
102.48 -1.51%
on 08/19/24
-1.47 (-1.44%)
since 08/16/24
3-Month
100.21 +0.72%
on 09/18/24
106.13 -4.90%
on 06/26/24
-4.34 (-4.12%)
since 06/18/24
52-Week
100.21 +0.72%
on 09/18/24
107.34 -5.97%
on 10/03/23
-4.15 (-3.95%)
since 09/18/23

Most Recent Stories

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Early this week, I had the privilege of moderating a panel discussion on global grain supply and demand and outlook at Barchart's Grain Merchandising & Technology Conference in Orlando.

$DXY : 100.93 (+0.02%)
^BRLUSD : 0.18306 (-0.05%)
Could the US Government Fiscal Year-End Fund Your Trading Account?

The US government's fiscal year significantly impacts financial markets because the federal budget process influences economic policy, government spending, and fiscal stability. As the fiscal year draws...

$DXY : 100.93 (+0.02%)
GCZ24 : 2,584.0 (-0.56%)
$SPX : 5,618.26 (-0.29%)
FEDDSEFF.RT : 5.33% (unch)
SPY : 561.40 (-0.30%)
ZNU24 : 114-180 (-0.07%)
ZNZ24 : 114-305 (-0.11%)
ZFZ24 : 110-105 (-0.07%)
ZBZ24 : 125-25 (-0.22%)
Commodity Market Roundup: August’s Top Performers and Underperformers

Commodities are global assets that feed, power, and shelter people worldwide. Wholesale commodity prices are a critical factor in determining inflationary pressures.

$DXY : 100.93 (+0.02%)
ZBZ24 : 125-25 (-0.22%)
OJU24 : 513.50s (-6.63%)
GCZ24 : 2,584.0 (-0.56%)
HGZ24 : 4.2740 (-0.58%)
LBX24 : 515.00s (-0.39%)
Is the Expected Rate Cut in September Really a Surprise?

Suddenly, there is increased chatter about an expected FOMC rate cut in September due to government statistics. It seems most of the industry forgot about what the markets have been saying for months.

ZQV24 : 95.1800 (+0.01%)
GCY00 : 2,559.53 (+0.03%)
$DXY : 100.93 (+0.02%)
Dollar Index ( DXY ) Elliott Wave Calling the Decline After 3 Waves Bounce

In this technical article we’re going to take a quick look at the Elliott Wave charts of Dollar Index ($DXY) , published in members area of the website. As our members know, Dollar has given us recovery...

$DXY : 100.93 (+0.02%)
Gold at $3,000? Here Are 3 Ways to Invest

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SIU24 : 30.341s (-0.91%)
$DXY : 100.93 (+0.02%)
GCQ24 : 2,501.0s (-0.60%)
GCY00 : 2,559.53 (+0.03%)
GDX : 39.06 (-1.09%)
FNV : 123.93 (-0.51%)
WPM : 61.30 (-0.65%)
NEM : 53.06 (-0.09%)
AEM : 81.29 (-1.22%)
GOLD : 20.06 (-2.05%)
GDXJ : 47.58 (-1.69%)
KGC : 9.21 (-1.92%)
Are Currencies the Deciding Factor in Global Trade?

Does the strength and/or weakness of global currencies have a dramatic effect on global trade? My non-economist answer might surprise you.

^BRLUSD : 0.18306 (-0.05%)
$DXY : 100.93 (+0.02%)
Do Financial Markets Make Sense Heading Into July?

As we start another quarter for financial markets, let's take a look at how the pieces of the sector fit tougher.

ZNU24 : 114-180 (-0.07%)
$DXY : 100.93 (+0.02%)
$INX : 5,618.26 (-0.29%)
GCY00 : 2,559.53 (+0.03%)
CLQ24 : 79.78s (-0.44%)
ZCZ24 : 412-6s (+0.06%)
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GOOG : 160.81 (+0.33%)
AMZN : 186.43 (-0.24%)
PHYS : 19.82 (-0.60%)
GCM24 : 2,299.2s (-0.75%)
$DXY : 100.93 (+0.02%)
GLD : 235.51 (-0.77%)
HSBC : 43.91 (+0.53%)
How is the Dollar Index Declining Even Though it is Slightly Higher?

The dollar index has edged higher from the level in late February 2024. However, other markets are screaming the dollar index is losing value even though it has posted a slight gain.

$DXY : 100.93 (+0.02%)
GCM24 : 2,299.2s (-0.75%)
UUP : 28.21 (+0.11%)
UDN : 18.86 (unch)

Barchart Technical Opinion

The Barchart Technical Opinion rating is a 88% Sell with a Average short term outlook on maintaining the current direction.

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Key Turning Points

3rd Resistance Point 102.24
2nd Resistance Point 101.69
1st Resistance Point 101.31
Last Price 100.93
1st Support Level 100.38
2nd Support Level 99.83
3rd Support Level 99.45

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52-Week High 107.34
Fibonacci 61.8% 104.62
Fibonacci 50% 103.77
Fibonacci 38.2% 102.93
Last Price 100.93
52-Week Low 100.21

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