DXY 1D | Market Outlook

- The US Dollar Index, also known as DXY, is used by traders seeking a measure of the value of USD against a basket of currencies used by US trade partners. The daily US dollar basket chart shows DXY bottoming out around 93.00 at the end of last and the beginning of this week and this support should hold in the short-term.
- The greenback is likely to keep this risk-off bid as the US presidential election looms into view on November 3 with the polls strongly favoring Democratic Party candidate Joe Biden with three weeks to go. President Trump is unlikely to give up without a fight, leaving the dollar vulnerable to pockets of volatility ahead of the vote.