- Crypto exchange, FTX has listed FTX Dollar Spot Index (FTXDXY) perpetual futures.
- The US Dollar Index recently crossed the 111 level, currently trading around 110.68.
According to the recent announcement from the cryptocurrency exchange, FTX, the platform has added a new perpetual futures contract for the US Dollar Index (DXY) to its listing. The new perpetual contracts will be based on the FTX Dollar Spot Index (FTXDXY), which tracks the movements of four leading currencies against the US dollar, which include the Euro, Yen, Canadian dollar, and British Pound.
Following the announcement from FTX, social media users responded with multiple opinions.
Dollar’s Impact on the Global Economy
The US dollar is currently at its highest level since 2022 as a result of tightening monetary policy and the significant increase in interest rates in the US, particularly after the Federal Reserve increased interest rates many times. Moreover, The US Dollar Index recently crossed the 111 level, setting a new record in 2002. Currently, DXY is trading around 110.68.
At the same time, American inflation is having an unexpected effect globally, almost every major currency has declined sharply against the dollar over the past six months. Since April, the Chinese Yuan has fallen 12% against the dollar, and top currencies like the Euro and Yen have also experienced a significant fall.
The US inflation rate for September was 8.3% year over year (YoY), which indicates that high prices are declining more slowly than anticipated. As a result, the global markets experienced a dramatic sell-off. This also created a great impact on the cryptocurrency market.
The US dollar’s fluctuation will have a massive impact on the world economy. Because it is the major currency in international trade and finance.
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