The US Dollar Index (DXY) is currently trading near 104, demonstrating a gain not witnessed since March 1.
The USD Dollar extended its gains on Wednesday. All eyes are set on the updated Dot Plot and Chair Powell’s tone. Any hawkish or dovish surprise from the Fed may trigger volatility in the USD. The US Dollar Index is currently trading near 104, demonstrating a gain not witnessed since March 1. The Greenback has been steadily ascending for the fifth day in a row, backed up by strong economic data and rising US Treasury yields in the last few sessions.
It is the most heavily traded currency in the world, accounting for over 88% of all global foreign exchange turnover, or an average of $6.6 trillion in transactions per day, according to data from 2022. Following the second world war, the USD took over from the British Pound as the world’s reserve currency. For most of its history, the US Dollar was backed by Gold, until the Bretton Woods Agreement in 1971 when the Gold Standard went away.
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