Dollar is Hammered
Nov 5th, 2008 | By Doug Casey | Category: Financial NewsIn the currency market, the dollar plunged against the euro. Late Tuesday, the euro was trading at $1.3002 vs. $1.2641 on Monday.
“Today might be the day that marks the beginning of a legitimate U.S. dollar correction,” wrote Jack Crooks, president of Black Swan Capital.
“We’ve been open to this potential for the last several weeks, as we think a lasting correction is due before the U.S. dollar can start on its next powerful leg of what we are expecting could be a multi-year bull market,” Crooks said.
With the election finally over, many analysts are saying the result isn’t likely to be a major driver for currency markets.
“Implied volatility has continued to fall, suggesting the euro could move higher in coming days with market participants likely to look past today’s U.S. presidential elections toward what could be horrendous jobs numbers on Friday,” wrote currency strategists at Brown Brothers Harriman.
The euro surged despite near-universal expectations that the European Central Bank will cut interest rates on Thursday. Also predicted for Thursday is a cut in British rates, but the pound rallied anyway, as well.
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