Forex futures rally in Europe as US stock market rallies
Forex markets in Europe are trading higher after US stocks rose on Friday, but the gains were shortlived as traders rushed to lock in a higher price.
Forex prices have risen on Friday for three straight days.
The index is currently up more than 10% this year, but it was also the worst performer of the year and a steep drop from last year.
ForeX futures, which trade on major markets such as the NYSE, Nasdaq and CBOE, have been trading in the $4.40-$4.50 range, or about 3.4% higher than the benchmark S&P 500 index, according to data from Bloomberg.
The S&s index is down more than 6% this month.
The Nasdaq is up about 2.5%, and the Dow is up almost 8%.
The rally came as investors took advantage of a stronger dollar that helped the dollar outperform most currencies.
The dollar fell against most major currencies on Friday and futures traded below the $1.20 mark.