The dollar is getting whacked against just about every currency on the planet except for maybe the Polish Zloty, actually I didn't look up the Zloty cross rate. The decline is contributing to the stock market selloff today along with options expiration and oil.
Oil now has a $48 handle. Remember that oil is a dollar denominated asset like gold. A weaker dollar, everything else being equal, should mean that oil goes up in price. I think that oil may be catching up to the dollar's most recent leg down. Just a quick reminder.
As a side note, is anyone else out there getting a kick out of Simon Hobbs from CNBC Europe going berserk about the action in the dollar this week?
Proud Member Of
Random Roger
© 2009 | Gadget Theme Blogger Template
Original WPtheme By Blogger Template | Converted By Gadget Lover
| Distributed by eFree Blogger Help
Original WPtheme By Blogger Template | Converted By Gadget Lover
| Distributed by eFree Blogger Help
1 comments:
Like we said few weeks back, the dollar has to matter sooner or later..and that will make gold, oil, imports, and the treasuries go in a tail spin. Also, keep an eye on Oil futures because most of the winter forecasts don't say anything nice.
Post a Comment