Wow! The USD is being dropped everywhere like a hot potato. Yesterday, Standard and Poors put the UK on a credit watch. This floored the GBP. The pair did recover later in the day. However, the stigma of this event is far-reaching. With the US economy many times in worse shape than the UK, it is not far-fetched that they could be next in line for a credit watch. And with this, fearful investors dumped the dollar and headed for safer-haven medium like Gold (Gold made a 20-dollar jump overnight).
This is why my two long trades (NZD/USD and EUR/USD) have borne fruit the past couple of days.
Proud and Hoping
15 years ago
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