Pressure On The Dollar
The market moved sideways again today as did the Bond market. - nothing much new there. Are you getting tired of this sideways movement? The one thing you can guarantee is that no one is making money in these markets as a straight buyer.
The Euro set a new high today – just slightly higher than the last high, but a record.
Oil eased in price, but gasoline pushed higher in spite of the oil price decline.
In the news today…..
The European Central Bank did NOT change their key interest rate (similar to our Fed Funds Rate) today. With emphasis in our market that the FED will lower the Fed Funds Rate the next time they meet, the pressure is on for the Dollar to keep falling as money moves from Dollars to Euros because Euro’s will pay more interest – a simple, but very strong incentive.
Don’t pay any attention to the mess with airline flights being cancelled. That is just noise on the news. Also, don’t be investing in any airline stocks unless you like the fallout from the bad news.
Here are today’s numbers:
Dow Jones 30 Industrial - 12,582 (Up 55 points)
10 Year Treasury Bond - 3.53% (Up 0.07%)
Euro - $1.57.42 – Set an ALL TIME HIGH of $1.5912 during the day….
Gold - $932 (Down $6)
Oil - $110.11 (Down $0.76)
Gasoline - $2.79 (Up $0.02) - Gasoline keeps moving up, up, up, up….
