FX Daily Report : August 23, 2013
GFM Research | Aug 25, 2013 01:37AM ET
The Dollar Index (DX) finds support again at 80.80 ranges; the medium trend is still range bound between 84.50 and 81.00 with wider swings expected between 85.20 and 80.50 ranges. The Greenback traded mixed wherein the common currency, the Swiss Franc and the Aussie gained of the European session lows; the Cable traded flat and the Japanese Yen traded weak throughout the day.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be over stretched though the major trend is still intact till DJIA manages to trade above 14800 ranges. Historic correlation between DX Vs DJIA suggests long term dollar weakness is intact till it does not closes above 85.20 on weekly basis; though DX Vs DJIA correlation is getting less significant.
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