With the recent good report of the housing sector, the outlook on the economy looks a bit better from the 1st quarter of the year. Topping it off, the slower stock performance and the rise in unemplyment figures in London added a negative sentiment on the British Pound causing a direct co-relation with the US dollar rise and a corrective move on the Pound as of this writing. As most investors are reluctant in making huge positions when price swings are getting wider on the currency market.
The US Dollar Index has always been the barometer of the strength and weakness of the dollars value among a basket of foreign currencies. The chart shown with this blog already proves that a possible bottom formation has been established from a low price level of 78.33 and the previous closing of 81.19. It is in fact on its way to the key important resistance price of 82.35 that may lead to newer highs for the dollar index. With gold providing more of a support with its prices moving lower to the levels of 940.00 USD; and oil prices moving to the higher directions above the 70.00 USD / barrel. Although, expect some corrective moves along the way.
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As you may have noticed, I would be posting market outlooks and reviews on more particular currencies that may become pace setters before it happens. I would be doing it in between writing and publishing articles so in that way, it would not be too dragging for some following the blog.
Now, there is a link established whenever you would click a featured chart or currency to our website which is still under construction as we go along. There was a need to open it for initial viewing and response due to the market conditions which we wanted to share our outlook in the market with our co-investors and clients.
For your information there will be a better and a much improve site coming very soon.
Thank you very much.
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