Forex Smart Trade Results, Tuesday, May 14, 2024 – $6,892
Forex Smart Trade Results, Monday, May 13, 2024 – $5,805
May 20, 2024
Forex Smart Trade Results, Wednesday, May 15, 2024 – $1,530
May 20, 2024
The US Dollar Index Currency Basket.
The U.S. Dollar Index consists of SIX foreign currencies. They are the:
- Euro (EUR)
- Japanese Yen (JPY)
- British Pound (GBP)
- Canadian dollar (CAD)
- Swedish Krona (SEK)
- Swiss Franc (CHF)
Here’s a trick question.
If the index is made up of 6 currencies, how many countries are included?
Answer “6”, and you’d be wrong.
If you answered “24”, you’re a genius!
The euro is the official currency of 19 of the 27 member states of the European Union.
Add the other five countries (Japan, Great Britain, Canada, Sweden, and Switzerland) and their accompanying currencies.
And you get 24!
It’s obvious that 24 countries make up a small portion of the world but many other currencies follow the U.S. Dollar index very closely.
This makes the USDX a pretty good tool for measuring the U.S. dollar’s global strength.
USDX can be traded as a futures contract (DX) on the Intercontinental Exchange (ICE).
It is also available in exchange-traded funds (ETFs), contracts for difference (CFDs), and options.
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