Unable to sustain above 82.50 ranges, the Dollar Index slipped to 82.00 ranges to currently trade at 82.10, resulting in most of the asset classes appreciating and the benchmark equity index of the Dow Industrials (DJIA) trading consistently above 14300. Slipping below 81.90 results in Dollar depreciating to 81.00 ranges. The Dollar Index (DX) is trading above 82.50 to currently trade at 82.65; consistently trading above 82.50 would further strengthen the Dollar Index to 83.80 ranges. Correction may be expected only on daily close below 81.90 ranges.
Dow Industrials (DJIA) is trading around all time high of 14200-14300 made during October 2007; trading consistently above 14300 results in new rally. Historic correlation between DX Vs DJIA suggests the long-term trend is still dollar bearish, until the Dollar Index is not closing above 84.50 on monthly basis although the short term 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: March 08, 2013
Published 03/11/2013, 12:16 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: March 08, 2013
Market Commentary
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