The US dollar pulled it’s weight in the session on Thursday closing +0.64% higher, a move that saw it make it’s biggest single day gain in 12 days.
The world’s reserve currency is currently now making it’s way to retest the highs established in may on the dollar index. These gains could be felt as commodities like copper, oil and gold lost on the day.
Key closes of the day
$DXY +0.64%
$VIX -1.33%
$SPX -0.15%
$NDAQ +0.32%
$DOW -0.57%
Copper -3.41%
Gold -0.81%
$WTI -2.33%
$BRENT -1.62%
The price action on $DXY suggests that the path highlighted in the chart above could play out.
Relative to US treasuries, we may see the dollar cool pull back a bit as the spread closes.
Copper is at it’s lowest price this year and it managed to close below the imbalance established in January.
