Market Commentary
The US Dollar depreciated across the board especially against the Euro and the GBP. The Euro is trading near the historic resistance of 1.3820 ranges; daily close above 1.3850 ranges would result in the Euro reinitiating bull trend against the USD, with the EURUSD appreciating to 1.4250 ranges. The Dollar Index (DX) is still trending sideways in the medium term with 78.70 acting as important support and 82.20 ranges acting as major resistance.
The benchmark equity index of Dow Jones Industrial Average (DJIA) is trading near important resistance zone of 16200-16260 ranges; further rally my reinitiate only above 16500. 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 have become less significant since past couple of years.
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.
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. |