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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who started this subject2/18/2004 2:47:32 PM
From: gregor_us  Read Replies (1) of 116555
 
Cool New Pattern. USD Rallies on "Bad Hair Days."

The US economy had a bad hair day last Friday, when those awful Trade Defict numbers came out. All the trades put on by the dollar bears--whether precious metals or commodities, etc.--looked set to soar.

But no. A mysterious set of enormous sell orders on the EUR/USD got wired down to the market from some German Banks and of course the ECB said nothing so everyone was left to draw their own conclusions.

Today was another bad hair day I think, for the US economy with those housing numbers. Silver and gold had been back again on the right foot in the preceeding 48 hours and the EUR/USD even hit a fresh high over night.

But no. Once again, the myriad Trumpets--this time J. "The Bulldozer" Chirac trotted out some cautionary teaching tales about the FOREX activity, and then clearly someone sent the signal that Japan would be stepping up to the plate again--like, "real soon."

And so the USD got muscular and the metals got hosed.

Someone has pointed out recently that the USD is not oversold at all. But that it's actually quite overbought, considering the aggregate, 24/7/365 Asian intervention.

Anyway, it's all getting very boring and predictable.
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