Direct correlation was observed between most of the asset classes, especially equities worldwide and the Dollar Index (DX) as against historic inverse correlation between the Dollar Index and the equities. The U.S. Dollar depreciated against most of the FX majors; the Aussie and the Kiwi also stabilized at respective historic supports. The Dollar Index (DX) continued depreciating despite weaker asset classes; 80.70-81.20 still remains important support. The bias is weak, although the next selloff leg is expected only on DX closing consistently below 81.00 on daily basis.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be overstretched, although the major trend is still intact until the DJIA manages to trade above 14860 ranges. The historic DX Vs. DJIA correlation suggests the long-term trend is still Dollar bearish, but only while the Dollar Index doesn't close above 88.40 with 84.50 ranges acting as intermediate resistance. 
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: June 12, 2013
Published 06/12/2013, 01:42 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: June 12, 2013
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