October, 2019

Mini U.S. Dollar Index®
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  • October saw another 25bp rate cut by the U.S. Federal Reserve. This contributed to USD weakness throughout the month. The ICE U.S. Dollar Index® began October topping the 99 level. However, a steady decline triggered by the rate cut and positive global economic news/outlook pushed the index lower, culminating in its first below 97 close since July before stabilizing into month end.
  • USD fell against most major crosses. EUR, after hitting a two-year low of $1.0880 against the greenback on October 1, rallied over 2 cents by mid-month and held that level for rest of the month. GBP remains beholden to changing Brexit fortunes, but as a no-deal scenario became less likely mid-month, sterling soared over 8 cents to $1.30 for the first time since June. The federal election in Canada returned PM Justin Trudeau to power, albeit as the head of a minority government. The loonie gained 2 cents in October, approaching $1.30, a 3-month high.  On the other side, the dollar gained 2 yen to the 109 area vs. JPY, continuing where it left off in September.
  • Elsewhere, CNY began its climb back to 7, primarily on trade talk headlines, despite weak domestic economic news. The presidential election in Argentina ended as expected, with Macri’s defeat. The central bank ramped up its capital controls post-election, pushing the “blue chip” rate further away from the “official” ARS rate; ending October at a 25% discount to ARS.
Mini USDX® Front Month Performance (Current Year - Weekly) with Ichimoku Analysis

Hedging the U.S. Dollar in a Single Transaction

The Mini USDX® Futures contract offered by ICE Futures Singapore can be used to trade the ICE U.S. Dollar Index®. The ICE U.S. Dollar Index® (USDX®) futures contract is used by market participants to gain exposure to or hedge moves in the U.S. dollar relative to a basket of world currencies, in a single transaction.
  • Has a contract size of US $200 x index value
  • Helps achieve cost efficiency
  • Is accessible 22 hours a day
Customers in Asia can benefit from ICE Futures Singapore’s secure, regulated futures trading and clearing services. With local regulation and regional trading opportunities across financial and commodity futures, you can access markets locally that trade around the world.
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