Amidst better than expected numbers from China, the Dollar Index (DX) is trading weak at 81.23 near the medium term support of 81.30 ranges; the medium term trend is still range bound between 81.30 and 84.50 ranges with wider swings seen between 80.60 and 85.00 ranges. Despite weaker Greenback, most of the asset classes across the world weak especially the equities traded weak, defying historic inverse correlation with the Dollar Index; though the benchmark index of Dow Jones Industrials (DJIA) is still holding above critical support of 15300.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading flat at 15524 ranges; the major trend is still intact till DJIA manages to trade above 15300 ranges and may rise to 16100 ranges as it consistently closes above 15600 mark on daily basis else correction may be witnessed. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is getting less significant.
Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.
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FX Daily Report : August 08, 2013
Published 08/08/2013, 03:09 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : August 08, 2013
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