Asia Dollar Index May Decline to 7-Month Low: Technical Analysis
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An index based on a trade-weighted basket of Asian currencies against the U.S. dollar is likely to decline to the lowest level in more than seven months, Citigroup Inc. said, citing technical patterns.
The JPMorgan Asia Dollar Index, which includes currencies such as South Korea’s won, the Singapore dollar and Thai baht, may approach the 200-week moving average of 114.60 should it close below support at 116.70 to 116.81, Daniel Tobon, a New York-based analyst at Citigroup, wrote in a note to clients. The ADXY Index was little changed at 117.32 as of 6:29 a.m. in London from yesterday, when it declined to as low as 117.15, the weakest level since Oct. 11.