http://www.kitcocasey.com/displayArticle.php?id=1337Good day... Well... With no data to review yesterday, the markets just took some profits in the currencies (and why not?), which brought the euro back below 1.36, but by the end of the day, the single unit was playing with the big boys above 1.36 again.
The profit taking was quite evident, because it was across the board and very limited... In other words, there wasn't an axe to grind with one particular currency, and the movement was small...
The dollar index is very close to an all-time low, and yet, I'm not seeing the markets panic... And that's a good thing... Let's just keep this dollar selling flying under the radar, and controlled... The last thing we need right now is to get the markets all lathered up and have them begin to panic. That would bring about some wild volatile trades, and before you knew it, we would be setting records for the currencies every day, much like the end of 2004.
Well... Overnight China posted their first quarter GDP... I'm chuckling right now, because once again the economists and market observers got China all wrong! They collectively said that China's economy would slow down, and that's what really led to the mid-term pause by the commodities last year... China slows down, their demand for commodities/raw materials dries up, and so do their prices.
more at link....
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