The US dollar was sliding as I joined Vonnie Quinn and Shery Ahn on the Bloomberg Markets show. I tried making the case, as I have in recent posts, that the dollar's rally in the first half of the month had left it over-extended. Most of the major currencies were outside of their Bollinger Bands a week ago and had begun correcting since August 15.
Reports of President Trump's criticism of the Fed's policy emerged yesterday, followed by his repeated claim that the EU and China are manipulating their currencies and the dollar's downside correction accelerated. Many short-term market participants were caught leaning the wrong way. Recall that as of August 14, speculators in the futures market were net short euros for the first time in a year.
The clip runs for about 2.5 minutes and can be found here.
Disclaimer
Cool Video: Bloomberg TV Clip-Dollar Developments
Reviewed by Marc Chandler
on
August 21, 2018
Rating:
Reviewed by Marc Chandler
on
August 21, 2018
Rating:
