FX Daily Report : September 16, 2013
GFM Research | Sep 16, 2013 06:13AM ET
Amidst stronger equities across the Globe the Dollar Index (DX) is trading weak at 81.13 ranges. Though the medium-term trend is still range bound between 80.80 and 82.50, the bias is still weak; further weakness is expected on DX consistently trading below 80.00. The US Dollar is consistently depreciating across the board with the Cable appreciating the most.
The benchmark equity index of the Dow Jones Industrials Average (DJIA) is trading strong at 15535 ranges, new leg up is expected as the index consistently trades beyond 15700 ranges; major trend which started in 2009 would be at stake only of it closes consistently below 14500 ranges else the major trend is still intact and is expected to appreciate to 16600-16800 ranges. Historic correlation between DX Vs DJIA suggests Dollar weakness till DX is not closing above 84.50 ranges on weekly basis though the historic correlation between DX Vs DJIA is getting less significant.
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