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Written by Jack Crooks - Black Swan Capital
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Monday, 28 February 2011 17:13 |
Here it is - evidence that surging crude oil prices in the face of Libyan supply worries is too much for the global economy to handle.Whatever happened to world reserve currency safe haven status? Yikes!!! Now global risk is hammering the greenback; a bad sign indeed when what was once relative good news is now taken as bad.
Looks like the dollar index has room to go lower ... MACD weekly turning down, multi-week low tested/penetrated today ...
Here is the litany of stuff:
Middle East chaos and attendant oil price surge
Rising tensions in China (Aussie of course keeps climbing against the buck on that raw material)
Potential stagflation quagmire in the UK; the pound testing its intermediate-term high against the dollar
Growing Greek and Ireland discontent; giving the euro a risk bid and also testing intermediate-term high against the dollar.
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