The U.S. Dollar (UUP) Index has finally given us a powerful breakout from its contracting range. The dollar index ended the week with gains of more than 1.6 percent after the latest Fed minutes revealed that "a rate hike could be expected relatively soon." The Fed officials, who next meet on November 1-2, before the U.S. election on November 8, are contemplating raising the interest rate in December.
But with the greenback already strengthening, will the central bank really go for a hike? Let us see how the U.S. dollar index is expected to react going forward, and what the implications will be for stocks, crude oil and precious metals such as silver.
What Is The U.S. Dollar Index, and Why Does It Matter?
The U.S. Dollar Index measures the value of each U.S. dollar against six major currencies belonging to U.S.'s leading trading nations. This basket of… Read More …