Market Update – Dollar weakness is to be bought

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Dollar weakness is to be bought:  see graph of the DXY going back 1 year and you can see very good technical support at 79.75 area. Image courtesy iChaz: http://www.flickr.com/people/chazoid/

This is a cluster where the DXY has found consolidation a handful of times.

The U.S. fiscal fiasco and debt ceiling concern are the current drivers, but there is a core view that outside of spiraling into the unthinkable default, the U.S. is slowly grinding higher on macro.

We know the Fed is in a mild retreat and higher rates will also attract US denominated assets.

In addition, as we said last week, the euro is to be sold at these levels...

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , International , Stocks

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