Dollar Index Weighs in on Euro and Yen Strength

The U.S. Dollar Index (USDX) serves as a benchmark for measuring the value of the US dollar against several key international currencies, notes Peter Spina, CEO at GoldSeek.com.

The index tracks the strength of the dollar relative to the euro, Japanese yen, British pound, Canadian dollar, and Swedish krona. These currencies are weighted in the following proportions: 57.4% for the euro, 7.6% for the British pound, 12.2% for the Japanese yen, 9.1% for the Canadian dollar, and 14.7% for the Swedish krona.

Peter Spina has previously commented on trends in major financial markets, noting that banks often increase their gold price forecasts during market highs and lower them during corrections.