Aug 13 2013
Dollar Weakens To Lowest Index Since June
As traders positioned themselves for a strong currency, the index of Dollar is indicating a rally after getting fallen to its lowest level since the middle of the June.
The tools and measures are used by Intercontinental Exchange Inc (ICE) to monitor the greenback currencies versus the six giant major U.S trading partners, has fallen and fallen much. It went 4.5 percent to 80.963. According to Bank of America Corp, “The losses have slowed, and trading patterns show any close above82.41 would pave the way for further gains”
The Dollar index decreased to 80.498 on June 19 before getting a rise to July’s high. The Dollar remained in a range of 81.239 to 82.494 over the last trading days. James Bianco, president of Bianco Research LLC, and Slok, chief international economist at Deutsche Bank AG, started to talk about the outlook for Federal Reserve monetary policy.
MacNeil Curry, New York-based chief rates and currencies technical strategist at Bank of America’s Merrill Lynch unit, said yesterday that “The Market has dictated the 82.41 level as a pivot”. He also added that the “If we get back above that, it would be a good sign that we have a base in place and a larger bull trend can resume.”
Rate Range Projection by Bank
Next Week : 95.50 - 99.00
Next 3 Months : 90.00 - 105.00