Yes, nothing goes straight up or down but the large drop in the dollar (USDX) over night made me say “WOW!” when I check my usual sources this morning. At of this very moment the dollar index sits at 74.53, or a drop of .55 in the last 12 hours.
There wasn’t much “bad” news, per se, that would be driving the drop. The one story that really caught my attention, and is most likely helping the drop, is the latest news that India was looking to buy more gold from the IMF. Obviously, the price of gold has also seen some action in response to the news – hitting another all time high.
Watching the market overnight makes me wonder if the economists expecting a drop of 6.4% vs. the Euro next year is an “optimistic” view.
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