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The Currency Futures Report
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Dollar 'Drops' on Equity Rally
Tue, Jul 21 2009, 06:59 GMT
by Bob Kozak
Dollar Index (DXU9):
The DX opened lower at 78.99 and slid to a morning Lo of 78.925 as equity markets rallied on the likelihood of a $3.0B 'loan' to CIT Group, helping to stave off a bankruptcy filling. Equity traders left the 'safe-haven' of Treasuries and took on more 'risk' for higher potential reward. A better than expected report from the Conference Board, showed economic indicators rose +0.7% fueled the flames, before equities slid, sending the DX to a moring Hi of 79.22. As the equity markets rebounded into the close, the DX drifted to a day-session close of 79.06, down 54 tics. The s/t trend remains 'negative' w/weak momentum indicators. Look for a test of the Target Lo of 78.83 on 6/2. Shorts should tighten 'stops' or buy 'calls' to reduce exposure.Traders will key on foreign equity market activity to determine if further 'risk-taking' will weigh on the Dollar. A lower open may find Support at 78.78 and 78.51, while an open above 79.19 should find Resistance at 79.46 and 79.87.
Published on Tue, Jul 21 2009, 07:00 GMT
Archive
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Published On Mon, Nov 16 2009, 08:00 GMT - The Mother of all Carry Trades
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