Friday, October 23, 2009

Dollar Rally Continues; Dollar Pummels the Pound

The dollar advanced for a fourth day versus the Japanese yen and the British pound, today. The dollar rose for a third day versus the euro.

The biggest loser against the dollar was the pound which dropped 1.6% against the greenback.

The dollar rose to the highest in a month against the Japanese yen, climbing to 91.98 yen, up from 91.36 yen on Thursday.

I have no idea if this is the start of the dollar rally that I have forecast as likely, but, if it is, the move could be fast and furious, given the worldwide short position amongst traders.

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