Dollar Index Hits Target

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

Posted Wednesday, August 15, 2018 by
Arslan Butt • 1 min read

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!

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About the author

Arslan Butt is our Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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