US Dollar Remains Strong After A Big Week In The Fx Markets
Even during high market volatility and liquidity in the currency market, the US dollar remained strong. This strong position came after a long period of almost six weeks. This is one of the highest index values or currency rates that this currency has achieved. The analysis of different currency pairs in forex trading will be easy with the strength of the USD.
A major currency pair will not see such a high impact compared to a minor currency pair. The forex trading strategies used by experienced forex traders are developed using this large position that the US dollar has gained.
In-depth analysis of dollar
If you too are trying to develop a forex trading strategy or forex trading plan, then this post is the best trading guide for you. No matter, there will be many trading tutorials, trading courses available under the trading education segment of the forex market. But here we will simply explain the price history of this currency.
The price fluctuation of the currency will be explained in depth. So whether you are in technical trading or fundamental trading, you will do the fundamental analysis or technical analysis in the best way.
The online trading platform that you are using will provide you with all the information. But still, you need more market insights to understand the market sentiment or trend better.
The profit US dollars got
Let's start with the profit US dollars got in the money trading market. Online forex trading is simple. Even forex trading for beginners is easy now. In this automated trading arena, a forex account can show you all the facts and figures about currencies.
As a forex trader, you need to analyze them in a better way. You can learn how to trade with the help of this post. Your trading account can easily achieve profitability in the Fx market.
The current forex rate for USD
The current forex rate for USD in index format is 90.513 with about 0.24% growth in the market. The current market rate or foreign exchange rate helps you to analyze the financial instrument in the forex trading market.
Highest in the last 6 weeks
The most important fact about this upward movement in the US Dollar Index is that this is the highest it has touched in the last 6 weeks. You can check the last six weeks for the historical data of this currency.
You will get an idea of the price movements that have taken place during this period. Trading currencies will be much easier and beneficial for you if the USD is the base currency in your forex pair.
American Dollar Previous exchange rates
Knowing the previous dates of this trading instrument is important when you are trading forex. You can trade forex without knowing them. But a forex trade can only be profitable if you know the market data.
A forex broker can provide you with this data on almost all trading platforms. Also, you can use external sources to get details.
The price trend of the last week
Last week, which began on June 13, 2021, had 90.487 as the current price for the USD. The opening price was 90.477 and the high price was 90.642. The lowest price was 90.312 with a volume of 0.06K. There was only -0.07% in the forex price.
Penultimate week history
The penultimate week must also be taken into account. This week started on 06 June and had the price around 90,550, the opening price was 90,150, the highest price was 90,610 and the lowest price was 89,830. The volume was 113.22K with a positive change of 0.46%.
Previous Four Week History
As we mentioned earlier, the strong position this currency has reached is one of the highest values held in the last 4 weeks. This means that more than half a month's worth of data is needed to analyze it properly. So here we are with the complete information about it.
Opening price: 90.477
Highest price: 90,642
Lowest price: 90,312
Open price: 90,150
Highest value: 90,610
Lowest value: 89.830
Opening price: 90.015
Highest price: 90,430
Lowest price: 89,515
Price : 90.133
Open price : 89,995
Highest price : 90.625
Lowest price: 89.650
Trading volume: 104.22K
Price change: 0.16%
After analyzing the weekly data, it is important to also take a look at the monthly price action. Let's start with the current month and move on to the previous months of this year. This data will help you see the price fluctuation of this currency this year.
Opening price: 89,782
Highest value: 90,642
Lowest value: 89,650
Opening price: 91.270
Highest value: 91,435
Lowest value: 89,515
Open rate: 93,230
Highest value: 93,365
Lowest value: 90,395
Open rate: 90,900
Highest value: 93,470
Lowest value: 90,635
Open price: 90.545
Highest value: 91.605
Lowest value: 89,675
Open price: 89.870
Highest value: 90.940
Lowest value: 89,165
Why has the US Dollar Remained Strong?
Now the question is why the US Dollar has been so strong in recent weeks. There can be many reasons. But below are some of the major reasons that we have mentioned here in this post. These reasons are advisable and important for forex traders to understand the current price movement.
Before the Federal Reserve meeting
The Fed meeting can be held anytime in the US. This meeting will have a great impact on the national currency and other economic situations.
Inflation on the track
Inflation is getting back on track after the Covid 19 pandemic situation. This can be a good thing for the economy.
The employment rate is already on track after the change in the government in the US. There are other reasons for the dollar getting stronger for this change as well.
Closing Thoughts - US Dollar
The strength of the dollar is not useful for the currency traders who trade the USD as their base currency. But this currency is even important in all global markets and segments of various trading markets. The USD rate affects the prices of other currencies, foreign exchange and even commodities.
The highest value that the USD has touched in the last six weeks is the current rate. Therefore, the entire trading market pays close attention to this currency.
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