8.04 - dollar starts the week on a very weak note
- by Anna K.
When traders turn to other segments of the market, dollar tends to throw a temper-tantrum. In our case it usually means that if some asset grows, dollar is going to drop price as if trying to be noticed by us trades. And today we see a perfect example of such behavior. Because of the fighting in Libya becoming more and more violent there are fears that oil supply numbers can drop significantly. And that of course makes oil prices climb higher and higher. Traders of course prefer to be on the winning side and we are looking at a dollar that is dropping price, true to form.
Today’s performance of the greenback is not nearly as perfect as we would hope in the beginning of trading week. As traders flee to the growing oil and other safe havens greenback is left with little outside support which is not its favorite thing as we all know.
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