For a few minutes this morning I wasn't so sure I'd get to post this chart today, but…
Make it 11!
11 straight weeks of gains for the US Dollar Index. Next week we'll try to match the record set in 2014 pic.twitter.com/vedmAJzPfQ
— Austin Harrison, CFA, CMT (@meanstoatrend) September 29, 2023
Today’s Chart of the Day was shared by Austin Harrison (@meanstoatrend). The US Dollar Index ($DXY) rose +0.54% this week, marking an 11-week winning streak. This is the second-longest weekly winning streak in the history of the US Dollar Index, but it will attempt to tie the record 12-week streak from 2014 next week. While winning streaks are mostly trivial, $DXY also notched its highest weekly close in 10 months. It’s currently testing the AVWAP from the September ’22 peak, but it’s comfortably above $105, which was resistance from the January/March highs. Stock market bulls hope $DXY will find resistance soon, as strength from the Dollar (and yields) was a major headwind for them in Q3.