$USD is still flopping around at a very large area of overhead resistance.
Regardless of all other contributing factors, one can’t lose sight of the fact that Bernanke wants a weaker $USD – no matter what you’re seeing currently in the media with respect to tapering. I am very confident that in the not so distant future the Fed will STEP UP QE considerably.
This may sound somewhat counter intuitive, as the “rage these days” seems to be that of the complete opposite – but that’s the idea right? Move as many traders as you can to the wrong side of the fence – then make your move? I don’t roll like that.
To view the $USD chart I had posted a day or two ago click here .
I’ve expected fireworks this week, and imagine tomorrow will be an interesting day…as well the rest of the week.
All eyes on $USD .
I’m still short USD from several days ago….and will remain that way, looking to add.
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I have a trip planned to Thailand soon. How will this effect my purchasing power?
I want a strong USD! 🙂
Ya I tend to agree. Long the dollar was the trade when economic data was improving but taper had not begun but could be expected. Now the market will try to discount or price in how much taper when is taper has the dollar over shot expectations blah blah so there is not much room left in the long dollar trade unless economic data starts really over shooting to the upside….which is probably unlikely.
Correction: ‘taper talk had not begun’. Sorry. Damn mobile
Could this be why the precious metals are bouncing or is their move just the proverbial dead cat bounce.