No QE3 Right - So Why Did The USD Just Hit A New Cyclical Low? Citi Explains Why
If you are confused why at one point every word the Chairman said was the equivalent of one pip lower for the DXY and 10 cents higher for gold, wonder no more. Here is Citi's Steven Englander asking, and explaining why the USD just hit a new cyclical low.
From Citi's Steven Englander
Asset markets pretty much liked the FOMC statement and really liked the press conference, but that's not the same thing as liking the USD...The question is what surprised the market to such a degree that the USD basically hit new cyclical lows.
This might explain some of the recent "exuberance" in the Silver market...it also might serve as a warning.
Silver Rush Spreads to Stock Market
by Tom Lauricella and Carolyn Cui
The mania for silver has spread to the stock market as day traders pile into the buying.
Trading got so heated during the past two days that shares traded in the iShares Silver Trust, the biggest exchange-traded fund tracking the price of silver, topped that of the SPDR S&P 500 ETF, usually one of the most actively traded securities in the world.
Day traders "are going crazy," says Joseph Saluzzi, co-head of trading at brokerage firm Themis Trading. "It's typical of the bubbly speculation that's been going on in silver."