* Irrationality dominates and the USD suffers
* US bond market not flashing risk taking
* Gold push higher has no legs
Headlines dominated the week and the news was deemed decidedly US dollar negative. Calls from the UN for a new global currency to replace the dollar dovetailed with musings from a top member of the Chinese hierarchy that the country is alarmed by US money printing. If that wasn’t enough, President Obama asked the Senate to raise the federal debt limit to .1 trillion by mid-October - raising more deficit concerns - and the World Economic Forum’s global competitiveness report showed Switzerland knocking the US from the position of world’s most competitive economy. In broad terms and as we write, the US dollar has given up -1.8% on the week. Full text »
0 comments:
Post a Comment