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What is the US Dollar Index (USDX)? Forex Bangla: - If you have ever dealt with the stock market before, you must have heard about this market index. Ex: Dow Jones Industrial Average (DJIA), NASDAQ, Composite Index, Rusell 2000, S&P 500, Wilshire 5000 | Forex Bangla.
The Forex market also has a well-known index called the US Dollar Index (USDX). This index basically refers to the value of a currency basket made up of some mathematically calculated foreign currency against the US dollar. This is very easy to use, because just like the stock index, it refers to the variations in the value of the currencies inserted in the currency basket.
US Dollar Index (USDX) Currency Basket
The US Dollar Index (USDX) has six foreign currencies Ex:
1. Euro (EUR);
2. Yen (JPY);
3. Pound Sterling (GBP);
4. Canadian Dollar (CAD);
5. Krona (SEK);
6. Franc (CHF).
Although there are 5 coins in this currency basket. But if we as a country, it stands at 25. This is because there are 5 countries in the European Union that use Euro (EUR) as currency. Therefore, other important traders of the world also use this Index as a criterion. USDX can be traded back to the Intercontinental Exchange (ICE) as a Futures Contract. Moreover, it is also available in Exchange Traded Funds (ETFs), Contracts for Difference (CFD) and Options. Learn more Forex Bangla
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