FX Daily Report : March 25, 2013
GFM Research | Mar 25, 2013 01:51AM ET
The Dollar Index (DX) slips steeply to close weak at 82.20 ranges on the event of most event of most of the asset classes trading strong. The USD Dollar depreciated during the late New York session as the benchmark equity index of the Dow Industrials (DJIA) took base at 14400 ranges and raised to 14500 ranges.
Dow Industrials (DJIA) is trading consistently beyond all time high of 14200-14300, historic high made during October 2007 indicating new rally is under progress but the momentum has run out of gas at 14400 ranges; only monthly close below 13700 would force us to rethink the bull trend.
Historic correlation between DX Vs DJIA suggests the long-term trend is still Dollar bearish till the Dollar Index is not closing above 84.50 on monthly basis though the short term and medium term trends are bullish.
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