September 2021

USDX® Report

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Market commentary

  • September saw the U.S. dollar rise to a 12-month high, helped along by higher Treasury yields during the month, the potential for higher rates driven by the Fed bond purchase taper and a general flight-to-quality move. After 18 months of a USD rollercoaster ride fueled by the ups and downs of COVID-19, the pandemic took a backseat to the aforementioned factors. The ICE U.S. Dollar Index® (USDX®) closed the month at 94.24, up about a 1½%. USDX did rise above 94.5 on September 30 before drifting lower. The 94.24 closing level was the highest daily close since September 28, 2020. The dollar’s gains were consistent throughout the month with very little variation. Price volatility remained low; USD traded in less than a 1% range every day during September.
  • In Europe, EUR continued its downward trajectory versus the dollar that it began in August. On the final trading day for September, the euro fell below the $1.16 level to close at $1.1579. That was the lowest ending price for EUR since July 2020. For the month, EUR was down about 2½% and down closer to 3½% from its high reached on September 3. Sterling started out the month outperforming the euro, but GBP fell hard during the latter half the month. GBP ended September at $1.3472, just a fraction above the month low reached a day earlier and the lowest monthly close in 2021. Sterling also lost about 2 ½% against USD for the month. SEK and DKK fell 2% while CHF lost about 1½% versus the dollar. Only NOK and RUB held around the unchanged level in September, boosted by the rise in crude oil.
  • Volatility picked up in Asia-Pacific currencies during September. JPY fell below 112 per dollar on the last day of the month for the first time since February 2020. The yen recovered slightly by the end of the day, but still ended down about 2% for the month. Despite all of the turmoil in the Chinese property market, CNY was little changed for September. Both AUD and NZD posted small declines in September, giving back about ½% each versus USD. In India, INR fell after posting a significant gain in late August. INR ended September at 74.25 per dollar, down a little over 1%.
  • Elsewhere, the Canadian dollar held its own versus USD after months declines. The snap federal election resulted in almost no change in the makeup of the Canadian parliament, providing relief to CAD FX. CAD fell just about ½% on the month. Emerging market central banks continue to raise rates to calm inflation and slow down currency declines against the dollar. Even with the moves, BRL lost 5% in September, giving back all of the rate hike-driven gains from August. ZAR saw similar move, falling 3% versus the dollar after gaining 3% in August. MXN also fell about 3%, rising above 20 per dollar for the first time since June. TRY declined another 6% in September, pushed lower by a surprise rate late in the month, falling to an all-time low close of 8.91 per dollar on September 29.

USDX® Performance

Spot rates TICKER 1-Sep-21 30-Sep-21 Monthly Change
USD/EUR EUR A0-FX 1.18383 1.15797 2.233%
JPY/USD JPY A0-FX 110.001 111.288 -1.156%
USD/GBP GBP A0-FX 1.3768 1.3472 2.197%
CAD/USD CAD A0-FX 1.26192 1.26814 0.490%
SEK/USD SEK A0-FX 8.60583 8.75289 1.680%
CHF/USD CHF A0-FX 0.91535 0.93128 1.711%
US Dollar Index DX A0 92.449 94.23 1.890%
Other contracts TICKER 1-Sep-21 30-Sep-21 Monthly Change
Mini Brent Crude BM-ICS 71.59 78.64 8.965%
MSCI World Index MWL 3147.4 2998.3 -4.973%
MSCI Emerging Markets Index MME 1316 1245.6 -5.652%
Mini US Dollar/Offshore Renminbi CHM-ICS 6.4659 6.4726 -0.104%

USDX® Futures Performance (YTD)

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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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