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Greenback Bears Remain in Firm Technical Command

August 8, 2017 by Jim Wyckoff

The U.S. dollar index is a basket of six major world currencies stacked up against the greenback. See on the daily bar chart for the September dollar index futures that prices are in a downtrend. In fact, the index has been trending lower for all of 2017. There are no solid, early chart clues that the dollar index is close to bottoming out. If the dollar index continues its trek lower, such will continue to support bullish ideas in the raw commodity sector. Most world raw commodity markets are priced in U.S. dollars. When the dollar weakens, it makes those raw commodities cheaper to purchase in non-U.S. currency. Stay tuned!–Jim

Filed Under: Blog News, Jim's Morning Report, Uncategorized

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