The talk to date on a Yuan revaluation has been from those outside China pushing the Chinese to do something. Now we have had an authoritative voice giving his opinion from Hong Kong, now, essentially part of China.
It has been a long journey for Federal Reserve Chairman Alan Greenspan. Say what you want about the man, but the impact of his upcoming departure should not be underestimated. Watching Greenspan mutter his doublespeak in front of Congress has become an institution as American as baseball over the last 18 years.
We can see the dollar still looking overbought on a short to medium-term basis on the 6-month chart – but more importantly it is rounding over beneath the falling 200-day moving average, which is typically where countertrend rallies run into trouble.
Dollar consolidation set in last week at about the expected level, around 84 on the index. It got a bit higher, rising towards 84.80 early in the week, and dropped back intraday towards the end of the week, testing support back towards the 50-day moving average.
The U.S. Federal Reserve has aggressively inflated our money supply during the past dozen years. It has performed this act in its effort to stimulate our economy and forestall a potentially damaging period of economic weakness. Prior to this time, and in ever increasing amounts as the years passed.
The condition of the U.S. Dollar is perhaps one of the least thoroughly reported on topics in the press today. Sure, you will read the daily article rehashing a load of ambiguous language uttered by some central banker or government official.
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