FX Daily Report: DX Gains Fade - March 15, 2013
GFM Research | Mar 17, 2013 02:49AM ET
The USD Dollar depreciated across the board, mostly against the Pound sterling after consistently appreciating the past couple of months. After hitting a high of 93.20 ranges, the Dollar Index (DX) gains faded during mid New York session, and is currently trading at 82.60; daily close below 82.30 would post short term top.
Dow Industrials (DJIA) is trading consistently beyond the all time high of 14200-14300 made during October 2007, indicating that a new rally is under way. Only a monthly close below 13700 would force us to rethink. The historic correlation between DX Vs DJIA suggests the long-term trend is still Dollar bearish. It will probably remain so until the Dollar Index goes above 84.50 on monthly basis - although the short term and medium term trends are bullish.
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