Phil, now it's back to the Current Account.
This "expert" proclaims that that was the reason the USD fell today -- when the news is a week old already. I'm surprised he didn't pick on "missing" jobs, or the event in Saudi Arabia, or the finding of the 9-11 Commission that Saddam had nothing to do with it, which are far more topical. Perhaps he was asleep and didn't know about all of that.
news.yahoo.com
>>The dollar fell broadly on Friday, weighed by a report that showed the U.S. current account gap widened more than expected in the first quarter.
By mid-morning in New York trade, the dollar deepened its descent in thin pre-weekend trade that was partly technically driven, traders said.
The wide current account deficit -- the broadest measure of the nation's global trade -- has been a persistent weight on the dollar over the past two years.<<
Mind you, he did cover his back by saying the fall was "partly technically driven", whatever that means. In fact, when one looks at the charts it's hard to see what he's talking about.
stockcharts.com[l,a]dalaynay[de][pd50,2][ilb14!la12,26,9]
stockcharts.com[h,a]daoaynay[dc][pc4!c9!c200!d20,2!h.02,.20!f][iuh14,3!ub14!ll13][j10122045,y]
Amazing what rubbish one can read and people are paid big money to write it. |
