Dollar Index jumps to 13 months high – Safe haven demand peaks!

The dollar jumped to its highest levels in over a year as a crisis in the Turkish lira that has spread and the investors seem to move ...

Dollar Index Hits Target

The dollar jumped to its highest levels in over a year as a crisis in the Turkish Lira has spread and the investors seem to move their funds into the safe haven currency Greenback.

The reason why investors are moving their investments in the dollar is mainly due to the signs of robust economic growth in the U.S. economy. The expectations of two additional rate hikes are keeping gold on its toes while keeping the dollar on fire.

Dollar Index - Daily Chart

Dollar Index – Daily Chart

This morning we spoke about a potential target for the U.S. dollar and the market is about it hit it at $97.25. On the way, the dollar index may face another resistance at $96.95.

Investors are advised to see the U.S. economic events like core retail sales which are due to come out in 45 mins now. These may help us determine the next trend in the dollar. Good luck!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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