DXY fully retraced 3Q’s decline – DBS

FXStreetNov 13, 2024 10:24 AM

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The Dollar Index (DXY) powered higher for a third session to 106, fully retracing its third-quarter decline, DBS’ Senior FX Strategist Philip Wee notes.

Strong USD getting expensive

“Several exchange rates in the DXY basket are near critical levels. EUR/USD bounced off April’s low of 1.06 overnight. GBP/USD fell below 1.28 to 1.2748, near August’s low of 1.2665.”

“The weaker European currencies pushed USD/CHF above 0.88 this week for the first time since late July. USD/JPY is near the psychological 155 level. USD/CAD’s rise stalled at a new year’s high of around 1.3970 this month.”

“Per the 14-day RSI, DXY appears overbought, and many currencies oversold from the Trump Trade.”

Reviewed byTony

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