The US dollar has been pushed to the absolute low end of its ranges with all things combined below …it surprisingly has not broken out of the range that has held for the past 5-6 months now with 1.60 still holding in EUR and GBP and JPY still well within the ranges.
- GM rumors over bankruptcy
- Lehman rumors over solvency (which should have been squashed when Bill Gross from PIMCO stated on CNBC that he had no question about the firm being on firm ground)
- Freddie Mac and Fannie Mae - will the gov’t take on an additional $5 trillion in debt? Who will invest $100bn to save them?
- Iran Missile tests continue
- Israel responds with “practice” missions in Iraq and land on US bases
- Nigeria conflicts resume, helping sending oil up another $5 today…as if it needed any help
- Inflation fears continue world wide…central bank intervention in Asia becoming almost a normal daily practice now, especially in India and Korea
- US Trade data - better but only because we are buying less, the dollar is weak so exports are growing, and oil represents nearly 1/3 of the total deficit now…
- US housing market is collapsing and employment data is awful
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