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Dollar is under heavy assault even heading into weekend. Safe haven pack along with Euro are heading the way with Commodity pack and pound lagging behind.
- Equities are sharply down over concern of global slowdown as US manufacturing activity lost further stream heading into August and US economy not gained the momentum, seen last year as expected heading into fourth quarter.
- S&P500, continued to drop sharply after it cleared key support level at 2040 yesterday. Bears are taking a breather pushing below 2000 mark, however next level stands at 1980 around, which if broken S&P is likely to test September lows.
- Similarly after recent gains in momentum, latest data reveals some of the large economies in Europe, such as France has lost steam and Euro zone growth could lose momentum facing headwinds from China.
- Chinese equities markedly dropped 11.5% this week, posing doubts over government ability to stem a crash.
With such macro-economic development rate hike expectations from FED got a push back, especially for subsequent hikes.
FXCM Dollar index is currently trading at 11900, likely to drop further.
