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Buzz & Banter

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Having had my first proper shower this morning since last Thursday (Isabel), I walked into the office to find the dollar getting soaked this morning. That's no surprise. Just about any page you turn to in this morning's Financial Times newspaper mentions the dollar following the G7 countries call over the weekend for more flexible exchange rates.

The Dec. dollar contract's low for the year is 93.20 and this morning's low, so far, is 94.07.

Naturally gold this morning is benefiting from the dollar's weakness and those, including myself, who were worried about the technicals of gold in absence of a follow-through high to exceed the February peak can now put those concerns aside. The Dec. gold contract made a new high this morning. Ideally, gold should not be below 370 for the bullish picture to remain firmly intact.
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Position in Dec. dollar.

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