The DXY trades at the highest level since November 2002

The USD index (DXY) has moved to a new high going back to November 2002 after trading above the May 9 high of 105.00.

The price high just reached 105.065. The current price is at 105.02 (see weekly chart above).

In May, the price moved above the January 2017 high of 103.820. That level was rebroken last week. The price closed on Friday at 104.19. Today has seen a continuation higher with a low price equal to the close price from Friday at 104.19. Close risk would be that 104.19 level. Move below that could be some corrective probing to the downside on the failure of the break higher. Absent that and the buyers remain in full control.

Meanwhile major stock indices in the US continue to get hammered leading to the flow into the "relative safety" of the dollar:

  • Dow industrial average -850 points or -2.71% at 30544
  • S&P -141 points or -3.62% at 3759.95
  • NASDAQ index -493.86 points or -4.36% at 10845
  • Russell 2000-90 points or -5.0% at 1710.27

European indices are also down sharply with the:

  • German DAX down 349 points or -2.54%
  • France's CAC down -162 points or -2.63%
  • UK's FTSE 100 -120 points or -1.64%
  • Spain's Ibex -204 points or -2.42%

Bitcoin continues to get dumped with the digital currency trading just below the $23,000 level at $22,900. How does crypto recover when it has created this market of unregulated