Today's action in the U.S. Dollar Index was one of the more volatile trading sessions that we have seen in quite a while. As you all may know, when the U.S. Dollar Index declines most leading stock and commodity indexes will inflate and trade higher. This afternoon, when the Federal Reserve Chairman Ben Bernanke held his press conference the U.S. Dollar Index dropped like a rock. Traders can easily see how the PowerShares DB US Dollar Index Bearish (NYSEARCA:UDN) has rebounded higher as the dollar sold off.
Some leading stocks that rallied higher as the U.S. Dollar Index declined includes Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Rio Tinto plc (ADR) (NYSE:RIO), and Deutsche Bank AG DB Gold Double Long ETN (NYSEARCA:DGP). Please understand that these same stocks will usually come under selling pressure if the U.S. Dollar Index rebounds or trades higher.
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When Bernanke Speaks The Dollar Listens
Published 04/26/2012, 02:31 AM
Updated 07/09/2023, 06:31 AM
When Bernanke Speaks The Dollar Listens
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Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
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