Market Commentary
The US Dollar traded mixed bag wherein it traded strong against the Euro, the Swiss France and the Japanese Yen whereas the Dollar traded weak against the Pound; the Aussie ended flat against the Greenback.
The Dollar Index (DX) is still trading sideways between 81.40 and 79.20 in the medium term with intermediate resistance observed at 80.30; Dollar weakness may extend only on weekly close below 78.70.
The benchmark equity index of the Dow Jones Industrial Average (.DJI) is still range bound between 16576 and 16360 range; only trading below 16360 would resume weakness. 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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