Archived IMT (2009.03.23)
WHAT IS MARCH 5th? The peak in the dollar index at 89.62 on March 5th (Euro bottomed at $1.2455) coincided with the Bank of Englands official move into quantitative easing via its announcement of 150 bln of bond purchases. Also n March 5th, the ECB announced further downgrade of its GDP forecasts, but most of all hinted that rates would drop further towards 1.00%, paving the way for a possible ECB quantitative easing. This may sound counterintuitive, but recall that the euro PEAKED on July 15 of last year, one week AFTER the ECBs decision to RAISE interest by 25-bps to combat rapid inflationdespite slowing growth. Oil prices also peaked at that same day, at $147 per barrel. Few things to think about....
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