Friday, February 15, 2008
The comments made by the Fed Chairman today disrupted the market but not necessarily in bad ways. Equity traders drove stocks down as traders became discouraged that the Fed was concerned about deeper problems in the economy.
However, that did not translate into a flight into safety and an appreciating USD. For the most part, the USD depreciated against most of the majors. That is a good sign that the risk bias is still muted and not out of control. That is interesting news for two reasons. First , it adds weight to the forecast that the USD down trend over the last several months is still intact, which could create some nice opportunities. The second is that with long term yields rising, we may get a nice boost in the USD/CHF and USD/JPY. That creates a good forecast for carry traders.
To see the video, click here: http://www.pfxglobal.com/index.php?o...144&Itemid=117
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