The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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From: Giordano Bruno	6/3/2008 8:36:20 PM
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European Dollar Demand Hits New High Even as Fed Chairman Ben Bernanke bemoaned the dollar’s slide, European banks’ demand for greenbacks hit a new high, suggesting some funding markets still remain off-kilter amid relative market calm. In the European Central Bank’s latest dollar auction Tuesday, a total of 50 European financial institutions bid $64.9 billion for the $25 billion of 28-day funds on offer. That tops the $58.9 billion bid at the last auction two weeks back and is the highest since the ECB boosted its swap line with the Fed to $50 billion from $30 billion in early May. Together with continuing demand for funds in the Fed’s TAF auction Tuesday, “the results point to continued dislocation in private term funding markets and a demand for funding through central bank facilities,” wrote Barclays Capital economists Julia Coronado and Julian Callow in a note to clients. –Joellen Perry Ho ho ho Hey, we can print 'em baby.

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