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Dollar index firmer; needs to clear 76.80/90

By   || October 9, 2009 at 16:03 GMT
|| 2 comments || Add comment

The dollar index is showing sings of life after dipping below 76.00 intraday on Thursday but not closing below that level. We have rebounded above Thursday’s high at 76.52, taking some of the immediate downside pressure off the buck.  A rebound above recent stall points at 76.80/90 would signal a near-term dollar bottom is in place.

Just crossing the wires are headlines from Elliot Wave guru Robert Prechter. He sees the dollar index is bottoming out and will rise for the next year or more. He also sees stocks topping out and falling substantially below the March lows…Uggh.

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Category: All, Americas, Mkt Talk, Regions
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2 Responses to “Dollar index firmer; needs to clear 76.80/90”

  1. Adje on October 9th, 2009 16:09 GMT

    No more central bank bidsin EUR/USD at 1.4700? :-)

  2. kwplam on October 9th, 2009 16:27 GMT

    Although Elliot Wave and Robert Prechter were not very hot in recent days but he could be right. Recent JPY strength and dollar weakness were driven more by market sentiments than fundamentals. Such trends might not be able to sustain too long. In respect of stock…

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