The US dollar fell against the majors and a strong decline in US stocks
2018-10-11 07:11 am | Resource: News | No Views : 37
The US dollar, traditionally a safe haven, fell unexpectedly despite stocks falling. While the Australian dollar rose on Thursday even after the global markets fell sharply
The Dow closed down 940 points from Tuesday's high
In the worst selling since February, the Dow Jones industrial average finished trading on Wednesday, down 887 points from Monday's close and 941 points lower than Tuesday's high. The index lost 1% last month and 4.58% last week, reaching its lowest level since August 23. Nike led the losses as it dropped 6.81% when the closing bell.
The Nasdaq 100 was hit by a massive plunge in technology stocks, with the giant companies pulling the index down 327 points, or 4.44%. In the last seven days, fell 7.76%, and 5.41% per month. Netflix fell 8.38%, Microsoft was 5.43% in the red zone with Apple after falling 4.63%. Facebook lost 4.13%, while Intel fell 3.76%.
The S & P 500 was down 3.29% at closing, with the worst performers Tiffany & Ralph Lauren, falling 10.22% and 8.44% respectively, and Twitter, which lost 8.47%.
The US dollar index fell
- The dollar index, which measures the greenback versus a basket of other currencies, fell 0.2% to 94.96 by 0542 GMT.
- The AUD / USD pair was up 0.4% at 0.7075.
- The Japanese yen rose as a safe haven against the dollar for the sixth consecutive session as the pair traded 0.1% to 112.17.
- The greenback was up against the Chinese yuan, up 0.1% at 6.9322 as the People's Bank of China set the reference price of the yuan at 6.9098 against the previous day's price of 6.9072.
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears managed to control movement of the USDJPY to the support level of 111.60 which also represents 61% retracement of Fibonacci levels Accordingly, we expect that the USDJPY will test levels of 112.16 - 112.73 in a corrective move The alternative scenario is that the USDJPY retreated to level of…
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