The Dollar Index Settled Above 92 Points For The Second Week in a Row

The movement of the US dollar stabilized against other major currencies, during trading at the end of the week on Friday. Thus, the DXY dollar index is trading above 92.00 points for the second week in a row, with the current week ending slightly lower compared to last week.

The DXY dollar index measures the strength of the US currency against a basket of six major currencies. In the event of an increase in the index, the major currencies will be negatively affected and vice versa. The index includes the US dollar against each of; Australian dollar, New Zealand dollar, Japanese yen, British pound, Canadian dollar, and Euro.

At 13:05 GMT, the US dollar index is trading down 0.15%, against the other major currencies at 92.20 points. It falls against the Australian dollar, the New Zealand dollar, and the British pound.

The DXY dollar index regained part of Thursday’s decline by 0.36%, rising less than 0.1% to 92.454 points. That compared to Wednesday when it rose to a three-month high of 92,844 points.

It is reported that Thursday’s data showed that the number of Americans filing new claims for unemployment benefits unexpectedly rose last week, indicating that the labor market’s recovery from the COVID-19 pandemic remains weak. According to the data released today, the US jobless claims index rose by 373,000 applications during the last week, worse than market expectations of only 345,000 applications.

On the other hand, US stock futures rose on Friday and European stocks rose in a broad-based recovery, while Treasuries halted an eight-day rally fueled by concerns about global growth amid the spread of new infections of the Coronavirus, Covid-19.