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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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From: John McCarthy	10/31/2008 7:35:22 AM
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The US dollar is higher than Mount Everest en.wikipedia.org And, the US is about to borrow more money than there are atoms in the Universe ... antwrp.gsfc.nasa.gov Why is the dollar up? Is this "part" of the reason? The dollar gained versus the euro on speculation overseas investors in U.S. stocks cut bets against the greenback at the end of the month to keep their currency hedge ratios constant, according to Shaun Osborne, chief currency strategist at TD Securities Inc. in Toronto. The Standard & Poor's 500 Index is down more than 18 percent in October. ``Foreign investors buying U.S. equities sell the dollar as a hedge,'' said Osborne. ``Because the value of the stocks has declined so much, they have to buy back the dollar to maintain their hedge ratios.'' bloomberg.com

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