Market commentary

  • USD rebounded from its poor August performance. Rising COVID-19 cases outside the U.S. coupled, with investor concerns in the run-up to the November election is giving the dollar a boost. The ICE U.S. Dollar Index® (USDX) rose ~ 2 points net in September but traded in a 3-point range during the period, from a low 91.80 to 94.80 on September 24, before falling back to the 94 level at month-end.
  • The most significant gains for USD came in Europe. On Sept 1, EUR briefly pushed above the $1.20 mark, a 26-month high. The common currency fell steadily throughout the month, bottoming out around $1.16 as a second wave of infections took hold. EUR did rally into month end, closing $1.1740. GBP also had its problems. After rising to a 9-month high of $1.3483 early in the month, sterling was pressured primarily by concerns surrounding the Internal Market Bill. GBP declined to below the $1.26 level before recovering during the final few trading sessions to just above $1.29. Other European currencies lost ground to the dollar, including CHF, SEK and NOK.
  • In Asia-Pacific, the dollar held its own. JPY ended the month close to where it started, spending most of the time between 105 and 106 picking up just one-half yen. CNY continued its move higher on a steady stream of positive Chinese economic data. CNY began the month at 6.85, improved to 6.75, a 15-month high vs. USD before settling in at 6.80 to close September. This moved capped the best quarterly performance for CNY since 2008.
  • Elsewhere, the dollar was generally positive. CAD lost the 2 ½ cents it gained in August, falling to 1.3420 before stabilizing. TRY dropped to yet another record low. The lira lost 8% for the month despite a massive rate increase in September to shore up the currency. RUB declined on worsening COVID-19 news and falling oil prices, but it stopped short of hitting the 80 per USD level (79.96) before closing around 78.

USDX® Performance

Spot rates TICKER 1-Sept-20 30-Sept-20 Monthly Change
USD/EUR EUR A0-FX 1.19143 1.1723 -1.632%
JPY/USD JPY A0-FX 105.939 105.443 0.470%
USD/GBP GBP A0-FX 1.3386 1.2916 -3.639%
CAD/USD CAD A0-FX 1.30632 1.33183 -1.915%
SEK/USD SEK A0-FX 8.67871 8.94713 -3.000%
CHF/USD CHF A0-FX 0.92093 0.92048 -1.215%
U.S. Dollar Index® DX A0 92.338 93.886 1.649%
Other contracts TICKER 1-Sept-20 30-Sept-20 Monthly Change
Brent Crude BRN 1!-ICE 45.58 40.95 -11.306%
MSCI World Index MWL 2464.8 2363.3 -4.295%
MSCI Emerging Markets Index MME 1119 1082 -3.420%
Mini U.S. Dollar / Offshore Renminbi CHM-ICS 6.8321 6.8218 0.151%

USDX® Futures Performance (YTD)

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USDX® futures and options offer investors tools to speculate on moves in the $USD relative to a basket of world currencies.

USDX® Futures Mini USDX® Futures USDX® Options
Trade on ICE Futures U.S. ICE Futures Singapore ICE Futures U.S.
Contract size One contract = $1000 X index value One contract = US $200 x index value One futures contract ($1000 X Index value)
Expiry Third Wednesday of the expiration month Cash-settled against USDX® Futures on the last Trading Day for the expiry month Third Wednesday of the expiration month
Settlement  Physically settled against the six component currencies in their respective percentage weights Cash-settled against the USDX® futures final settlement price Physically settled against the six component currencies in their respective percentage weights
Trading hours 8:00 P.M. - 5.00 P.M. ET 8:00 A.M. - 6.00 A.M. SGT 8:00 P.M. - 5.00 P.M. ET
Symbol DX SDX DX
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