by Jason Yu, FX Power Course Instructor
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Standing Country %Gain
1st United States 242.19%*
2nd Australia 218.39%*
3rd United States 208.61%*
4th United States 191.69%*
5th Canada 149.75%*
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*Past results are not necessarily indicative of future results.
Weekly Market Recap
When it comes to gauging the strength of the US dollar, one of the things we could look at is the USD Index. The USD Index is a weighted average of six foreign currencies against the dollar. Currently, the index includes the euro, the Japanese yen, the British pound, the Canadian dollar, the Swedish krona, and the Swiss franc.
Below is a monthly 30-year chart of the USD Index. As we can see, the USD Index is close to its historical lows as we speak. It is currently hovering around the major 30-year support level. If the USD can successfully bounce off from this level, then the weak dollar-era may come to a temporary end. In contrast, if this level fails to hold up, we could see the continuation of the weak dollar further down the road.
Note that the USD Index is only available to trade on the Futures Exchange. You will not be able to trade it in the Spot FX market.
If you would like to learn more about trading through technical analysis and the indicators we discussed, the FX Power Course is a good place to get started. On behalf of the FXCM Power Course Department, I wish everyone the best of luck!
Whether the market is trending strongly or ranging sideways, trading opportunities present themselves in the FX market every day! Let the FX Power Course instructors help teach you how to take advantage of opportunities in ALL market conditions! Speak to a course specialist today!
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