US Dollar Index surge may impact precious metals and stocks, triggering concerns for market.

From Investing.com: 2024-10-08 11:56:00

The US Dollar Index surged last week due to short covering, not fresh buying, indicating potential bullish implications going forward based on historical data. The low open interest in the USDX suggests a big rally may follow, impacting all markets including precious metals and stocks. Gold is at risk of further decline if it breaks below the short-term support line at $2,640. Additionally, the higher USD Index is bearish for commodities like copper and oil, as seen in copper’s recent decline following the USD’s strength. This trend may also trigger a stock market sell-off.



Read more at Investing.com: US Dollar Index Rally Triggers Concerns for Precious Metals, Stocks