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Euro and dollars are screwed.
Hail the Deutschmark and the Yuan!
As usual, our condolences to FX traders, where 200 pip daily moves are now the norm. Apply 500x leverage and you can see why Wall Streeters do their best to retire in the early 30s.
Which is why my brother's in GI private practice on the upper east side is booming--these guys wear out their stomachs watching the fluctuations, and come crying to him for Nexium and a scope down their throats
I'm just getting word that a Chinese rating agency has downgraded the US debt to A+ from AA and has a ratings watch in effect. However, since no one knows who the hell Dagong is, then pay little attention... but the time has come!
Dagong - http://www.dagongcredit.com/dagongweb/english/index.php
Their moto : "Value nothing but truth, credit and impartiality"
Standard & Poor's - http://www.standardandpoors.com/home/en/us
Their moto : "Enpowering Investors and Markets for 150 Years" - note nothing about the truth in there....
Why would the US ever default? They can print whatever they need to pay the vig. :-/
i think both have their weaknesses, and the difference is that china has a lot more dollars to get rid off than euros.
Youd be a fool to long any EURx pair from here onward, at least until something is done about Ireland.
There are way too many bulls on the Euro, and Mr. Marc Chandler did not state anything new that the market has not already priced in. The Dollar has been bashed as bad, if not worst as the Euro did in May. Bernanake has done this, QE 2 has done that, inflation will do this, devalued currency that, Gold standard this, Silver parabolic that! Total exuberance and no common sense by investors, is perfectly setting a stage for the US Dollar surprise rally. Commodity mania cannot continue in a straight line forever!
Great link on the current precious metals situation - http://theshortsideoflong.blogspot.com/2010/11/precious-metals-exuberanc...
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