FX Daily Report : Tuesday, July 24, 2014
GFM Research | Jul 24, 2014 04:12AM ET
Market Commentary
The US Dollar is trading strong against most of the FX majors; the Euro trend is still weak, though it is approaching critical support of 1.3430 whereas trend in case of Aussie and the Cable is still bullish till 0.9390 and 1.6940 ranges are held. The Dollar Index (DX) is still trading sideways between 81.40 and 79.20 in the medium term; Dollar weakness may extend only on weekly close below 78.70.
The benchmark equity index of the Dow Industrials (.DJIA) is slowly scaling new highs with 17300-17400 being the eventual objective for breakout beyond 16500 ranges. Historic correlation between DJI and DX suggests major trend of the Dollar Index is still bearish till monthly close is not above 84.60 though the correlation between DJI and DX has become less significant during recent times.
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