The Dollar is KING !!!
The Dollar surged on the back of increased troubles in the overseas markets. No longer is the market thinking that this is a U.S. problem, now everyone seems aware that it is a global problem. Dexia is the latest victim of the credit crisis as a state backed rescue plan was enacted today. Dexia is the world’s biggest lender to local governments.
It seems that the market is realizing that the U.S., although still in a lot of trouble, is ahead of its European counterparts in dealing with this situation.
``This isn't just about Wall Street, there's very bad news in Europe that will need to be countered by new measures,'' said Stephen Jen, the global head of currency research at Morgan Stanley in London. ``What's notable is how well the dollar has held up against the euro and pound despite the bailout's rejection yesterday.''
It is expected that on Thursday, congress will meet again to discuss the $700 Billion dollar bailout plan. The market seems to be anticipating progress toward a solution.
Good Luck and Good Currency Trading.
Labels: Markets
posted by Banker at
Tuesday, September 30, 2008
1 Comments:
A global problem, but one that is regarded by many as beginning in the US, as a result of the behavior of its citizens. More than a few Europeans have said the US must bear the greater proportion of the responsibility. I'm not sure how much I subscribe to that view, but it looks as though the US will pay more than its fair share...again.
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