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Alaron Currency Comment
CHICAGO - Oct 15/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp.
Dollar Index (DXZ8):
The DX opened lower at 81.52 and rose to a mid-day Hi of 82.45 on weaker than expected economic data and lower oil prices. Concerns over a 'global' recession had central bankers looking at further rate cuts as inflation fears deminished. With a rate meeting on Oct.28/29, traders are looking for another 25bp cut, but expect the ECB and U.K. to make more dramatic rate cuts, strengthening the DX. Prices continued to hold most of its 'gain' and ended the session at 82.37, up 73 tics. The s/t trend remains 'positive' w/ expensive momentum indicators. Traders will key on global credit markets and Thursday's economic data for direction. A higher open should find Resistance at 82.74 and 83.12, while an open below 82.07 may find Support at 81.69 and 81.02.
Bob Kozak
Alaron Research Team
800.462.4691
bkozak.com
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