When it comes to foreign exchange markets, it has been the US dollar that has reigned supreme. Last week, the US dollar index (DXY) capped of its fourth consecutive week of gains, rising by 2.10%. In level terms, the pair quickly breached the March 2020 high of 102.992 and had a brief dalliance at 103.928, just above the January 2017 high of 103.820, before closing at 103.212. This positive momentum has carried into this week as the index looks set to retest the 103.820 level and traders eye further upside.
