Bad News on the FOREX: The US Dollar Teeters on the Brink
We note with alarm that the US Dollar Index is hovering around 79.96. This is the first time that it has dipped below the critical support level of 80. If the USD index closes below 80 for three trading days in row, beware! The Chartist Gnome tells me that the likely support level is 76. Just as I warned you, folks: Lower interest rates–instituted as a stopgap for the current liquidity panic–are to the detriment of the value of the US Dollar on the FOREX. If the Ben Bernanke and his band of fools on the Federal Reserve Board of …