The US Dollar is trading weak at 81.93, with 81.80 still acting as support, although the bias is signifying the dollar is weaker. The Greenback depreciated as most of asset classes appreciated. The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating, to make new highs to currently trade at 15100 ranges. The 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 84.50 on a monthly basis. Medium term trend is range bound between 81.80 and 83.40.
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: May 09, 2013
Published 05/09/2013, 02:52 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: May 09, 2013
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