Forex Analysis : USD Index….death by a million sell orders
Hardly worth the bother to analyze anymore, that the USD Index fell again to fresh multi month lows must have been the easiest and most obvious trade of all last week.
• So Geithner’s strong dollar policy seems to be missing a word after ‘strong’ which we assume is ‘bearish’ and Bernanke said it isn’t his job to protect the Greenback, so where to from here? 72? Lower? Who knows, and all we can say is the ludicrous actions by the Americans will drive hundreds of millions of poor people to desperation given the strong commodity inflation pressures that we and many others blame on the Fed to a great extent.
• The 3% spike in Corn, Rice, Wheat and Soy futures on Friday is due to the free money madness of the Fed, and is in our view a crime against humanity. Thanks Ben.