Mid-week Insight: The overall market data recently released has been mix to disappointing for the USD as the index has already been priced-in with its recent decline to 80.05 basis point psychological support price that has held with short-covering rally that we are currently seeing in the USD movement.
This has been what we were referring to as a possible follow-through short-covering contrary to the variable trend touching 80.05/10 levels mentioned from our previous market view analysis dated back to Feb 09 - targeting the 80.05/10 as a critical key support level. How close can we get to this target has come true to form.
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