US Dollar Index (DX) is trading flat after hitting interim resistance on 81.60; the Greenback momentum seems to ease off after the Dollar Index (DX) hits the interim resistance of 81.60 ranges to currently trade at 81.20; further appreciation in the USD is expected only on DX closing above 81.70 on daily basis with 80.60 ranges acting as critical support. With most of the traders expecting easing of bond buying by the Fed, the Greenback gained across the board, especially against the Cable, with the Common currency showing resilience after correcting by more than 400pips off the high made during October.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is finding stiff resistance at 15780 ranges, the rally may actually reinitiate above 15800 ranges wherein DJIA may appreciate to 16900 ranges. 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 : November 13, 2013
Published 11/13/2013, 03:26 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : November 13, 2013
Market Commentary
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