The U.S. dollar moved higher Wednesday, recovering some of its pre-Xmas Day losses

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December 26, 2018 12:12pm NYSE:UUP

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From Anneken Tappe: The U.S. dollar edged higher Wednesday, recovering some from its pre-Christmas Day slide.


Many financial markets were closed on Tuesday for Christmas. European markets remained closed on Wednesday as well for Boxing Day.

The ICE U.S. Dollar Index DXY, +0.01% which measures the U.S. currency against six rivals, was up 0.1% at 96.657. With the last trading day of the year looming on Monday, the dollar gauge is headed for a 4.9% gain for 2018.

Check out: Why currency experts expect the dollar to struggle in 2019

Don’t miss: Why it may be time to shine for emerging-market currencies in 2019

The euro EURUSD, +0.1229% the greenback’s major rival, was modestly higher at $1.1405 versus $1.1395 late Tuesday. The British pound GBPUSD, -0.0316%  last fetched $1.2692, little changed.

Traditional havens like the Japanese yen USDJPY, +0.10%  and the Swiss francUSDCHF, +0.3241% which had rallied in the risk-off environment preceding the holiday sessions, were weaker versus the buck on Wednesday. One dollar bought ¥110.48, up 0.2%, and 0.9907 francs, up 0.3%, according to FactSet.

A similar recovery was visible across U.S. stocks, which rose in premarket futures trading following the worst Christmas Eve trading session in history on Monday. Lagging behind the improved futures sentiment, the Asian session was marked by losses on the heels of the U.S. selloff, worries about the government which remains shut for now, as well as President Donald Trump criticizing the Federal Reserve once again.

In a Christmas message on Tuesday, Trump said the U.S. central bank was raising interest rates too fast. This follows reports that the president had considered firing Fed Chairman Jerome Powell, which was walked back later on by Treasury Secretary Steven Mnuchin.


The Invesco DB US Dollar Index Bullish Fund (UUP) was trading at $25.57 per share on Wednesday morning, up $0.02 (+0.08%). Year-to-date, UUP has gained 6.41%, versus a -10.80% rise in the benchmark S&P 500 index during the same period.

UUP currently has an ETF Daily News SMART Grade of A (Strong Buy), and is ranked #1 of 17 ETFs in the Currency ETFs category.


This article is brought to you courtesy of MarketWatch.


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