The US Dollar Index (USDX) is an index that measures the value of the US Dollar relative to a basket of foreign currencies (EUR, JPY, GBP, CAD, SEK and CHF).
In 2008, the Index has hit its historical low levels as the US Dollar has been hammered while oil, gold and commodities prices were soaring. Analysts and investors still consider that the negative correlation between the greenback and commodities is valid.
Fundamentally, the global economic outlook has not changed since the correction started around mid-July. Therefore it makes sense to admit that the current price actions on both currencies and commodities markets are based on charts and technical analysis.
