Thursday, June 18, 2015

US Dollar Heads Lower To Test Support

I'm traveling in Mexico -- in fact, I just visited a great silver project -- but I wanted to show you an updated version of the US dollar chart I keep kicking around. It's the dollar as tracked by the UUP. 

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(Updated chart)

You can see that the US dollar had a terrible day on Wednesday. This was due to statements from the Fed that the market perceived as doveish. 

The FOMC said that “economic growth has moderated somewhat” over the past month, which is a significant downgrade from the last statement wherein it said that activity rose “at a solid pace”. 

This sent the US dollar lower, and it's likely going to test that first support level I've watched for some time.

Gold is getting a bid on dollar weakness. Crude oil is up, but not very much at all. Both bear watching in the days ahead.

Vaya con Dios from Mexico,


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