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Please note that we have a new Tracking Live page that tracks the DX index and all the currencies that make up the index. We are also working on something better, stay tuned.
After the latest G20 fiasco (actually G19 since Brazil did not bother to show up), Reuters reports that the dollar is dropping broadly on Monday, hitting a new low versus the yen.
As a result of another rop in the US Dollar, US-priced stocks markes are lifting.
The "Group of 20 agreement to shun competitive currency devaluations was taken as a green light to resume dollar selling by investors. [...] At the meeting in South Korea, G20 finance chiefs struck a surprise deal to give emerging nations a bigger voice in the International Monetary Fund, recognising the quickening shift in economic power away from Western industrial nations. They also agreed to exchange rates being market-determined".
"Analysts said the outcome pointed to a status quo in currency markets, with the dollar staying under pressure due to market expectations for the Federal Reserve to unveil a second round of quantitative easing as early as November".
The dollar index, which measures its value against a basket of currencies, dropped 0.9 percent to 76.799 .DXY with support seen around its 10-month low of 76.14 in the near term. Dudani expected the dollar index to see some choppiness ahead of the Fed meeting on November 2-3.
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