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US Dollar Index Begins To Rise Towards Highs Again, SocGen Economists Say Recovery Towards 114.8 Peak ‘Not To Be Excluded’ – Bitcoin Economics News

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In 2022, the US dollar was very strong, despite the downturn in the global economy and rising inflation around the world. 12 days ago, the US Dollar Index (DXY) climbed to a high of 114.8 and since then, the index has pulled a bundle and a recent analysis from Société Générale economists indicates that the index is likely to rise again towards 114.8.

US dollar index starts to rise again after recent pullback, SocGen economists see ‘spread of bullish momentum’

The US dollar, also known as the dollar, has been a massive discount against countless fiat currencies this year. A wide range of fiat currencies such as the euro, pound, yen, yuan, Australian and Canadian dollars have all suffered from dollar strength. On September 27, a US Dollar Index (DXY) It reached a high of around 114.8, a high not recorded since 2001. DXY is an index that is raised to measure the value of the dollar against six different fiat currencies.

The basket of banknotes in circulation against the US dollar consists of the European Union euro, the Swiss franc, the Swedish krona, the British pound, the Canadian dollar, and the Japanese yen. However, the basket of six currencies is not evenly distributed, with the euro making up 57.6% of the basket, and the yen being the second largest component at 13.6%. The index gives traders, analysts and economists a fair assessment of the dollar’s strength against a basket of foreign currencies.

US dollar index begins to rise towards higher levels again, SocGen economists say recovery towards 114.8 peak

DXY was introduced in 1973 when he was President of the United States Richard Nixon He removed the gold standard and dissolved the Bretton Woods Agreement. At that time, DXY initially started with a base of 100 and the index has risen significantly since then, reaching an all-time high in February 1985. At that time in 1985, DXY had reached 160.41 and in order to break a record from its 12-year high One day, the index should rise more than 39%.

Economists from France-based financial services firm Société Générale SA (Socgen) believe DXY is heading towards the 114.8 range after the recent decline. “A rebound towards 113.60 and a peak near 114.80 are not excluded,” Sokjin economists detailed on Oct. 7. Economists further state that a break below the 110 region could point to a deeper pullback, but DXY is currently trading around 112.747 on Sunday afternoon at 11AM (EST).

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“Only if the 110.00/109.30 support area is breached, there is a risk of a deeper pullback. In such a scenario, [the] Could be the next target in [the] September low at 107.60,” according to Sokjin economists Wrote In the company’s US dollar note and market forecast. “The daily RSI remains within bullish territory, indicating a spreading bullish momentum,” the economists added.

Currently, the five-day metrics show that the euro is down 2.39% against the US dollar, the Japanese yen is down 1.02%, and the British pound is down 3.19%. gold ounce decreased 1.04% Against the dollar this weekend, silver is down about 2.47%, but still above $20 an ounce of .999 fine silver. The global cryptocurrency market capitalization of all existing cryptocurrencies has gained 0.08% in the past 24 hours and the cryptocurrency economy is currently valued at $944.60 billion.

Stock markets closed in the red on Friday afternoon with the Nasdaq down 3.8%, the Dow Jones Composite losing 2.05%, the New York Stock Exchange down 3.34%, and the S&P 500 seeing a 2.8% drop in value. More than a trillion nominal US dollars were erased from the US stock market on Friday, or a dollar value greater than the size of the entire cryptocurrency economy today.

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What do you think of the US dollar rebounding and heading towards recent highs? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

photo credits: Shutterstock, Pixabay, Wikicommons

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‘Immoral and illegal from the start’

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at recent days an interview Michael Saylor, CEO of MicroStrategy and Bitcoin Home (BTC) Taurus, share his point of view on The Fall of the FTX Empire.

Saylor said that for years there has been a low-grade “boiling gang war” between the BTC community versus the cryptocurrency community over industry practices such as, what he repeatedly calls, “shitcoinery.”

In Saylor’s view, Sam Bankman-Fried was the “poster child” for the latter.

“There is something morally wrong about being able to issue your unregistered security. Sam and most people in the cryptocurrency world have always been guilty of the sin of shitcoinery.”

He attributes this behavior to his perceptions of the problems inherent in the crypto community, namely greed, arrogance, and stupidity.

From there, Saylor delved into what he calls a “demonic turn” in the FTX story, which entailed SBF generating billions of air tokens and issuing billions of dollars in loans from users’ funds.

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While a lot Expose the SBF story And his mismanagement of money, society is on reddit Saylor was praised for his clear explanation of the situation, along with a direct comparison of BTC.

One user wrote that while they didn’t care for Saylor otherwise, his explanation was one of the “best in all of the space.”

Related: The first bear market? Advice from Michael Saylor Thor Bitcoin

This wasn’t Sailor’s first comment about the FTX scandal. In the early days of the crash, he was among the first, along with Binance CEO Changpeng Zhao, to community urging To practice self-care.

The entire crypto community is waiting for the December 13 session, which will do Investigate the stock market crash. According to the committee presiding over the session, they expect that SBF and associated individuals to appear in court to testify on this date.

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