As a trader to have DXY & BXY if you trade USD pairs as a - quote or base currency & If you trade GBP and EUR will be great for your arsenal because this will give you a deeper insight on what's going to happen on your currency pairs and also its a great puzzle piece in your trading.
If DXY is weak then for sure pairs such as GBP OR EUR as base currency will be strong and viseversa
If DXY is strong then USD pairs which is the base currency will be strong.
If you have BXY its similar to DXY but for GBP which where
If BXY is weak then GBP pairs are weak and USD pairs are strong
If BXY is strong then GBP Pairs are strong and USD pairs are weak
If DXY is weak then for sure pairs such as GBP OR EUR as base currency will be strong and viseversa
If DXY is strong then USD pairs which is the base currency will be strong.
If you have BXY its similar to DXY but for GBP which where
If BXY is weak then GBP pairs are weak and USD pairs are strong
If BXY is strong then GBP Pairs are strong and USD pairs are weak