Intraday Market Thoughts

Archived IMT (2010.01.26)

by Ashraf Laidi
Jan 26, 2010 17:44

The EURUSD-USDX correlation is now at a 4-month low of 0.20, falling further from the 0.27 shown in this chart posted 5 days ago. THE IMPLICATIONS of such development suggests USD will likely maintain its strength despite any rebound in equities, while UNLIKELY to post any marked decline during rising equities (hence falling correlation). This also explains the current development on why the USD Index is near its 200-day MA despite stocks rebounding +0.7%.

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