Cryptocurrency Q&A What is USDX in forex?

What is USDX in forex?

CherryBlossomDancing CherryBlossomDancing Sun Jul 21 2024 | 5 answers 1017
Excuse me, I'm curious about a term I've encountered in the world of forex trading. Could you please explain to me what USDX stands for and its significance in the foreign exchange market? I've heard it mentioned in relation to currency indices but I'm not entirely clear on its function and how it's calculated. Would you mind breaking it down for me in simple terms? Understanding this concept could potentially help me with my trading strategies, so I'm eager to learn more. What is USDX in forex?

5 answers

KatanaBladed KatanaBladed Tue Jul 23 2024
Among the currencies included in the USDX, the Euro accounts for the largest weight, with a value of 0.576. This reflects the significant role the Euro plays in international trade and finance.

Was this helpful?

325
80
GeishaCharming GeishaCharming Tue Jul 23 2024
The Japanese Yen is the second-largest component, accounting for 0.136 of the index. This weight reflects the Yen's importance as a reserve currency and its use in international transactions.

Was this helpful?

279
29
SoulStorm SoulStorm Tue Jul 23 2024
The Pound Sterling, with a weight of 0.119, rounds up the top three currencies in the index. Its inclusion underscores the economic and financial significance of the United Kingdom and its currency.

Was this helpful?

60
92
Carolina Carolina Tue Jul 23 2024
The USDX, also known as the US Dollar Index, serves as a measure of the dollar's value against a basket of major currencies.

Was this helpful?

301
87
Isabella Isabella Tue Jul 23 2024
This index is calculated using a weighted geometric mean, which takes into account the relative importance of each currency in the basket.

Was this helpful?

52
21

|Topics at Cryptocurrency Q&A

Get the BTCC app to start your crypto journey

Get started today Scan to join our 100M+ users

The World's Leading Crypto Trading Platform

Get my welcome gifts