The DXY or Dixie as most traders refer to is the measure of the value of the US Dollar in a trade weight average called an 'index' which is relative to factoring the exchange rates composition of the six major trading partners foreign currencies within the basket. This index is similar to other trade-weighted indexes, which also uses the exchange rates from the same major currencies.
Likewise, Exchange traded funds are composed of baskets of stocks traded on an exchange.Some major ETFs do track its major index such as the US Dow Jones, S&P500, Nasdq and the Russel Indices. Although, stocks and indices are based and traded in the different exchanges worldwide, the underlying currency base commonly used is the US Dollar.
And that is why trading stock ETFs from several major exchanges worldwide is likewise relative the underlying currency exchange rate exposure of international investors. However, knowing their respective correlations would be an advantage for sophisticated investors and fund managers to be able to shift investment funds to take advantage of exchange rate price differentials. This is just one of the simplest approach yet the complexity of structuring the portfolio is another story of its own.
US Dollar Index (DXY)
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