Sunday, November 26, 2006
Dollar Collapsing!!
The English got whipped over the weekend in the Ashes and the dollar took a battering against every other currency on Friday!! A pound is now nearly worth $2.
This dollar decline, coupled with a weakening US economy, an ever increasing trade deficit and the prospect of rate cuts next year has caused traders to start to get worried. You don't bolster a currency by cutting rates!!
The SPX fell 5.14 points to 1,400.95 on this news. We are still in green. Lets see what this week brings. Much will depend on how much Christmas shopping the US consumer gets up to this week and what the Bernanke has to say on Tuesday about the US economy.
Until next time.
Paul
This dollar decline, coupled with a weakening US economy, an ever increasing trade deficit and the prospect of rate cuts next year has caused traders to start to get worried. You don't bolster a currency by cutting rates!!
The SPX fell 5.14 points to 1,400.95 on this news. We are still in green. Lets see what this week brings. Much will depend on how much Christmas shopping the US consumer gets up to this week and what the Bernanke has to say on Tuesday about the US economy.
Until next time.
Paul
# posted by Paul @ 4:40 PM 
