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The dollar gains on profit taken elsewhere
By: Peter Mill - 19-03-2008
0votesThe dollar recovery today against the major currencies like the euro with about 200 pips, the British pound with over 300 pips, the Gold spot with more than 50 dollars, Crude Oil with over 5 dollars and other commodities and currencies. The reason for the dollar gains is profit taken. In very high volumes the investors turn back the profit. The euro not succeeds to break for second time above the levels of 1.59 and in second day not set new records. “The profit taken will continue elsewhere,” said George Marshal analyzer in World-Signals.com. In the coming days the pressure against the dollar will remain while most of the investors predict new 75 bps interest rates cut till the summer. If the Fed continues to cut the interest rates with 75 bps to 1.5% then we can say this will be the last interest rates change into downside.
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