October 21, 2009

Dollar Bears

US Dollar bears controlled the sentiment in Foreign Exchange markets today.  Euro, Australian $ and New Zealand $ made new highs for the year.  Aside from being extremely oversold, there is not much standing in the way of further Dollar shorts.  Australian $ is now only about 6 cents away from its all-time high against the US$ established last summer.  New Zealand $ is in exactly the same position fast approaching it’s previous all-time high.  On the back of continued US$ weakness, oil prices touched $82 today.

Meanwhile, the US$ Index touched a new low for the year at  74.94. 


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