The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-market-aa-5
Inflation Report
Inflation Updates (December 5, 2023) 
DOWNLOAD
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
DOWNLOAD
View all Reports
Metrobank.com.ph Contact Us
Follow us on our platforms.

How may we help you?

TOP SEARCHES
  • Where to put my investments
  • Reports about the pandemic and economy
  • Metrobank
  • Webinars
  • Economy
TRENDING ARTICLES
  • Investment Path Advisory
  • On Government Debt Thresholds: How Much is Too Much?
  • Philippines Stock Market Outlook for 2022
  • No Relief from Deficit Spending Yet

Login

Access Exclusive Content
Login to Wealth Manager
Visit us at metrobank.com.ph Contact Us
Access Exclusive Content Login to Wealth Manager
Search
The Gist
News and Features
Global Philippines Fine Living
Insights
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
Webinars
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
webinar-thumb-1108
Estate Planning: Building a Legacy for the Future 
November 8, 2022
Webinar-mobile-desktop-267x320-1
Outlook 2022: Recover. Restart. Rebalance.
March 31, 2022
View All Webinars
Downloads
grocery-market-aa-5
Inflation Report
Inflation Updates (December 5, 2023) 
December 5, 2023 DOWNLOAD
grocery-shopping-cart-as
Economic Updates
November 2023 Updates: Upward tilt of inflation still a possibility 
November 22, 2023 DOWNLOAD
Commuters-aa
Economic Updates
3Q 2023 PH GDP Report: Upward bias for full-year GDP forecast
November 10, 2023 DOWNLOAD
View all Reports
Currencies 2 MIN READ

Dollar index on verge of forming bullish ‘golden cross’ – BofA

September 20, 2023By Reuters
Related Articles
Stocks drop, Treasuries gain after Fitch downgrades US rating August 2, 2023 Gold range-bound on firmer dollar, US debt limit uncertainty May 25, 2023 Japan's Nikkei touches 3-month high as fall in U.S. yields boosts sentiment March 7, 2023

NEW YORK, Sept 20 – The US dollar’s recent rally has put it on track to form a golden cross – a bullish technical trading chart pattern – affirming an upbeat near-term view on the currency, according to a BofA Global Research note published on Wednesday.

A golden cross occurs when a short-term moving average crosses above a long-term moving average.

The dollar index’s 200-day moving average of 103.036 is close to being topped by the 50-day moving average at 103.001, according to LSEG data. The index measures the currency against a basket of six rivals.

“This supports our 4Q23 technical view of a supported and potentially stronger USD,” BofA Global Research technical strategist Paul Ciana said in a note published on Wednesday.

The note was published before the release of the much anticipated Federal Reserve interest rate decision on Wednesday. The dollar index was down 0.47% at 104.707 ahead of the decision at 2 p.m. ET (1800 GMT).

The dollar index rose for its ninth straight week last week, its longest winning streak in nearly a decade, as a resilient US economy – combined with weaker growth abroad – has fueled a rebound.

The last time a golden cross was formed in the index, it went on to rise another 24% before peaking, according to a Reuters analysis.

Ciana, however, noted that the index’s recent strong rally presented a risk to the bullish signal.

Such a move now would lift the dollar index to over 129, far above its 2022 high of 114.78.

“A signal when price is near the highs may make it difficult to perform vs a signal that occurs just after a timely dip,” he said.

(Reporting by Saqib Iqbal Ahmed; Editing by Sharon Singleton)

 

This article originally appeared on reuters.com

Read More Articles About:
Worldwide News Philippine News Rates & Bonds Equities Economy Investment Tips Fine Living

You are leaving Metrobank Wealth Insights

Please be aware that the external site policies may differ from our website Terms And Conditions and Privacy Policy. The next site will be opened in a new browser window or tab.

Cancel Proceed
Get in Touch

For inquiries, please call our Metrobank Contact Center at (02) 88-700-700 (domestic toll-free 1-800-1888-5775) or send an e-mail to customercare@metrobank.com.ph

Metrobank is regulated by the Bangko Sentral ng Pilipinas
Website: https://www.bsp.gov.ph

Quick Links
The Gist Webinars Wealth Manager Explainers
Markets
Currencies Rates & Bonds Equities Economy
Wealth
Investment Tips Fine Living Retirement
Portfolio Picks
Bonds Stocks
Others
Contact Us Privacy Statement Terms of Use
© 2021 Metrobank. All rights reserved.

Read this content. Log in or sign up.

​If you are an investor with us, log in first to your Metrobank Wealth Manager account. ​

If you are not yet a client, we can help you by clicking the SIGN UP button. ​

Login Sign Up