The US dollar continued its decline for the third week in a row on the last trading day of 2017, as the dollar index hit its lowest level in three months at 92, after the neckline of the head and shoulders pattern exceeded on the daily chart, so, it is expected to target levels of 91 then 90.
The dollar index hit its highest level in 14 years at the beginning of the year as market expectations of US President Donald Trump's measures to boost economic growth hit many obstacles until tax adjustments were passed this month.
Also, the euro hit its highest level against the US dollar in three months at 1.1986, reaching a high of 14% in 2017 against the dollar, making it the best performance since 2003. There was no reaction from the euro to Italy's announcement that elections will be held next March.
Although the sterling has fallen more than 10% against the US dollar since Britain voted for leaving the EU, it rose by 9.5% against the dollar in 2017, the strongest year since 2009, and is currently trading at levels of 1.35.
The dollar also fell against the yen to trade at a 10-day low of 112.50, and in 2017 the dollar fell nearly 4% against the yen.
Bitcoin, which was one of the biggest gainers in 2017, stabilized today near $14,500 after recording its worst performance since 2013 last week. The digital currency reached its historic highs in 2017 at 20,000 levels to achieve gains of 1400%.
In the last days of trading in 2017 crude oil prices reach the levels of $60 a barrel for the first time since June 21, 2015, and we may see the next level of resistance at $62 per barrel during the first quarter of 2018. Also, Brent crude is approaching the levels of $70 a barrel, which it has not reached since 2014.
