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FX Daily Report : July 08, 2013

Published 07/08/2013, 01:43 AM
Updated 05/14/2017, 06:45 AM
Market Commentary

The Dollar Index (DX) above previous resistance of 84.50 ranges to currently trade at 84.75; the medium term trend is intact till it manages to close above 84.00 ranges with DX expected to appreciate to 88.30 ranges. Most of the FX majors are trading weak against the Greenback amidst increasing Global liquidity concerns; the Common currency and the Cable are trading near the critical support of 1.2700 ranges 1.4900 ranges with weaker bias.

The benchmark equity index of the Dow Jones Industrials Average (DJIA) seems to be over stretched though the major trend is still intact till DJIA manages to trade above 14860 ranges. Historic correlation between DX Vs DJIA seems to be getting less significant wherein the benchmark equity index is trading firm despite the Dollar weakness.
FX Pair
Disclaimer: This report contains the views of GFM Research Private Limited. This report should not be construed as investment/trading advice. Due care is taken when gathering the data/information and the data sources are believed to be reliable, though GFM Research Private Limited nor its Group Companies guarantee for the same. Trading/investing in financial markets may result in financial and/or emotional stress, a trader/investor is advised to weigh pros and cons of trading/investing. Further disclaimer will be produced on request.

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