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OCT 12, 2013 - Zero Hedge

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Dollar Outlook Still Constructive

As counter-intuitive as it may seem, the US dollar strengthened for most of last week, despite the nomination of Janet Yellen as Fed chair and the continued partial closure of the US Federal government. While acknowledging the disruptions of the markets by the unprecedented expansion of central bank balance sheets and the new regulatory environment, the markets still appear to be functioning as a large discount mechanism.   The abyss (of a US default) was approached and many institutional investors needed to avoid exposure to short-term US bills.  However, we first detected a ... Read More

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