Euro at Five Month Low Against the Dollar

The euro fell to the lowest level in five months against the dollar.

While many are suggesting this is the result of concerns over Greece, there is no indication that the ECB will print Euros to bailout Greece. The driving factor behind dollar strength is simply Bernanke's lack of money printing since March 2009. It's basic supply and demand economics, fewer dollars mean a higher dollar price.

This dollar strength should also be a signal to gold traders that gold is headed lower in the short to medium term. Long term, gold will climb higher as the Fed will ultimately start printing again to bailout the Treasury money raises.