Archived IMT (2010.10.10)
IMF/G7 COMES and GOES, USD continues to fall amid the lack of any agreement on currencies. More and more players realize that US pressure on China is unlikely to succeed into a yuan revaluation and that ongoing pressure is equivalent to de-facto USD-devaluation. Each time a nation resorts to pressuring others to revalue their currencies, markets will easily sell its currency. But FX markets must be warned of complacent USD selling as EURUSD hovers around the important $1.40 and European officials begin to show signs of concern. Although ECBs Smaghi said the ECB has no FX target, some started to indirectly talk down euro (USD does not reflect fundamentals of US). As talk of DOUBLE-DIP fades, the DOLLAR DOUBLE DIP is back in play as the USD INDEX knifes through its 200-week MA, nearing the Dec low of 74, with the all time low of 71.20 a possibility for next year. Happy 10/10/10
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