I want to start using a US Dollar Index to help with correlation.
But I'm confused with a few things... I know a US Dollar Index is based on the strength of the USD vs a basket of other currencies, but that is where my knowledge stops.
My broker offers futures based Index CFDs over a typical US Dollar Index (but I'm not sure what 'typical' US Dollar index is - that's the problem). Specifically they offer the DX (ICE Dollar Index).
So two questions.
1) What is the difference between DX and USDX and DXY?? I've seen it referred to as all three. Are they different indices? Futures vs spot vs something else??
2) Is the DX (what my broker offers) very different from the standard US Dollar Index? I want to be able to see the 'strength' or 'weakness' of the dollar on a chart.
Thanks!
But I'm confused with a few things... I know a US Dollar Index is based on the strength of the USD vs a basket of other currencies, but that is where my knowledge stops.
My broker offers futures based Index CFDs over a typical US Dollar Index (but I'm not sure what 'typical' US Dollar index is - that's the problem). Specifically they offer the DX (ICE Dollar Index).
So two questions.
1) What is the difference between DX and USDX and DXY?? I've seen it referred to as all three. Are they different indices? Futures vs spot vs something else??
2) Is the DX (what my broker offers) very different from the standard US Dollar Index? I want to be able to see the 'strength' or 'weakness' of the dollar on a chart.
Thanks!