US Dollar depreciated against the common currency and the Cable while appreciating against the Japanese Yen and trading flat against the Swiss Franc; the Japanese Yen is exhibiting contrary trend to other FX majors wherein it has depreciated against Greenback while other pairs have appreciated against the Dollar.
Historic correlation between DX Vs DJIA is signifying USD bearishness in long-term. Dow consistently trading above 13000 mark would result in continuation of the bull trend which would put pressure on the Greenback. The Dollar index may fall further to 77.20 on the event of daily close below 78.40 ranges last Friday. The longterm trend is still bearish till the Dollar Index does not close above 83.50 on monthly basis. Historic congestion is seen in the ranges of 81.40-83.50.
NYMEX Feb Crude is trading firm beyond historic congestion of $106.60 to currently trade at $109.20 and is poised to test $110 ranges.
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FX Daily Report - February 27, 2012
Published 02/27/2012, 03:39 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report - February 27, 2012
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