Concerns over an unprecedented levy of tax on deposits in Cyprus caused the euro to fall by more than 150 pips in the early Asian session. Alhough the financial impact of Cyprus is negligible on World economy, concerns over the Euro crisis reigniting are increasing.
Unable to close below 81.90, the USD Dollar Index (DX) seems to reinitiate its bull trend with 83.40 and 84.20 acting as formidable resistances. Dow Industrials (DJIA) is trading consistently beyond all time high of 14200- 14300 made during October 2007 indicating new rally is under progress; only monthly close below 13700 would force us to rethink. Historic correlation between DX Vs DJIA suggests the long-term trend is still Dollar bearish, until the DX doesn't close above 84.50 on monthly basis, although the short and medium term trends are bullish.
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: Concerns Over Euro Crisis Reigniting, March 18, 2013
Published 03/18/2013, 03:09 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: Concerns Over Euro Crisis Reigniting, March 18, 2013
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