The Dollar Index (DX) continued to appreciate after finding support at 81.80 ranges to currently trade at 83.37. A daily close above 83.50 ranges would open room for the Dollar Index to appreciate further to 84.16 and 84.80 ranges next.Most of the asset classes traded weakly; the benchmark equity index of the Dow Jones Industrials Average (DJIA) traded flat. It seems the correlation between DJIA Vs DX is becoming increasingly insignificant - historic inverse correlation is not observed since last couple of weeks.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) continued appreciating to new highs to currently trade at 15070 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 84.40 on a monthly basis. The medium term trend is range bound between 81.80 and 83.40 with a stronger bias.
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 13, 2013
Published 05/13/2013, 02:24 AM
Updated 05/14/2017, 06:45 AM
FX Daily Report: May 13, 2013
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