After the Dollar Index (DX) sold off from 85.00 ranges aftermath the Fed’s decision to continue Bond buying by pumping in ‘Easy Money’, DX is trading at 83.00 ranges, the bias has turned weak though the medium-term trend is range bound between 79.00 and 84.50 ranges.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading at 15400 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. 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 : July 15, 2013
Published 07/15/2013, 02:43 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : July 15, 2013
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