With bets increasing that the Fed may continue stimulus after Janet Yellen asserted that the US economy is growing lesser than expected, the US Dollar depreciated across the board especially against the Cable, which was battered the most the other day. The Dollar Index (DX) is consistently trading below the interim resistance of 81.60 with 80.55 expected to post decent support.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading strong on the event of continuing monetary easing; DJIA is trading consistently above 15800, further rally to 16500-16700 ranges can be expected till 15500 ranges hold. Historic correlation between DX Vs DJIA suggests Dollar weakness is still intact till DX does not close above 84.50 on monthly basis though the Dollar correlation 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 14, 2013
Published 11/14/2013, 04:36 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report : November 14, 2013
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