DXY adds gains to Thursday’s advance above the 97.00 mark. Coronavirus pandemic keeps advancing in the US and challenges recovery. US markets are closed due to the Independence Day holiday. The greenback, when measured by the US Dollar Index (DXY), is trading on a positive mood around the 97.30 area at the end of the week. US Dollar Index focused on risk trends The index is up for the second session in a row on Friday, gathering extra pace as of late following persistent concerns over the unremitting advance of the coronavirus pandemic. Indeed, the demand for the dollar picked up pace pari passu with the re-emergence of the risk aversion among traders despite better-than-forecasted results from the US labour market during June lent some support to the risk-associated universe. There are no scheduled data releases in the US on Friday as markets will remain closed in observance of the Independence Day holiday. What to look for around USD The unremitting advance of the pandemic in the US remains in centre stage amidst efforts to keep the re-opening of the economy well in place and news surrounding potential vaccines. As always, the broad risk appetite trends emerge as the main driver for the dollar in the short-term coupled with omnipresent US-China trade effervescence. On the constructive stance around the buck, bouts of risk aversion should support the investors’ preference for the greenback as a safe haven along with its status of global reserve currency and store of value. Playing against this, the ongoing (and potentially extra) stimulus packages by the Federal Reserve could limit the dollar’s upside. US Dollar Index relevant levels At the moment, the index is gaining 0.03% at 97.24 and a break above 97.80 (weekly high Jun.30) would aim for 97.87 (61.8% Fibo of the 2017-2018 drop) and finally 98.32 (200-day SMA). On the flip side, the next contention emerges at 96.39 (weekly low Jun.23) seconded by 96.03 (50% Fibo of the 2017-2018 drop) and finally 95.72 (monthly low Jun.10). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next NFP: Markets swings between US economic progress and rising virus worries FX Street 3 years DXY adds gains to Thursday’s advance above the 97.00 mark. Coronavirus pandemic keeps advancing in the US and challenges recovery. US markets are closed due to the Independence Day holiday. The greenback, when measured by the US Dollar Index (DXY), is trading on a positive mood around the 97.30 area at the end of the week. US Dollar Index focused on risk trends The index is up for the second session in a row on Friday, gathering extra pace as of late following persistent concerns over the unremitting advance of the coronavirus pandemic. Indeed, the demand for the dollar picked… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
