US Dollar Remains Strong

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14/11/2016 18:46 WIB

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Movement of the US Dollar Index Against 6 Major World Currencies, February 1 – November 14, 2016

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Movement of the US Dollar Index Against 6 Major World Currencies, February 1 – November 14, 2016

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The US dollar is strengthening against global currencies. This is evident from the US dollar index (DXY), which is approaching the 100 level. In transactions on November 14, 2016, until 6:35 PM WIB, the US dollar index against six major world currencies stood at 99.75, up 69 basis points from the closing on November 11, 2016. According to Bloomberg data, this is its highest position since early February 2016.

Uncertainty surrounding the US central bank (The Fed)'s interest rate hike is making the US dollar stronger against major world currencies. Furthermore, investor anxieties about US President-elect Donald Trump's protectionist policies are leading financial market players to prefer holding cash rather than risking losses through investment.

The US dollar is likely to continue strengthening against world currencies because it is considered a safe haven for storing wealth during financial market turmoil. Stock prices on world exchanges are falling, as are bond prices. Commodity prices are also down, even gold, which is usually considered a safe haven, has seen its price decline.

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."