September, 2019

Mini U.S. Dollar Index®
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  • A rate cut by the Federal Reserve had little impact on the dollar’s value in September. The ICE U.S. Dollar Index® started and ended the month above the 99 level, despite dropping to 97 mid-month.  The index closed above its 50-day moving average every day in September.
  • USD held its own against most major currencies in September.  EUR continued its slow decline against the greenback, closing below $1.09, a 2 ½ year low, on the final day of the month.  Brexit volatility caused the GBP to spike 6 cents from the month low to high (more vs. EUR), but the pound settled into the middle of that range, $1.23, at month end.  JPY weakened vs. USD by 2 ½ yen in September, as Japanese Government Bond rates crept lower after a long period of stagnation.
  • The AUD was on a rollercoaster ride in September, rising over 2 cents to just under $0.69 as the general improvement in commodity prices boosted Aussie, only to fall back to the mid-67 cent area as commodity gains were tempered by the weak global economic outlook.  NZD continued to slide, falling below 63 vs. USD, touching a 3 year low on statements from the Reserve Bank about how low rates could go.  The Kiwi is down over 10% against vs. USD since December 2018, making it one of the worst performing currencies during the period.  Despite all the headlines on multiple fronts regarding China, CNY was relatively stable during September.
  • Capital controls returned to Argentina for the first time in almost 4 years.  The official ARS rate stabilized as flows dried up, but the “blue-chip” or “dólar informal” rate (black market) was resurrected, fluctuating wildly as markets dealt with the consequences of returned currency restrictions.  Other Latin American currencies were held steady on the news; MXN staying in the mid-19 area and BRL staying in the 4.10-4.20 area to the dollar.
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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