Friday, February 04, 2005


Dollar Soars: Gold, Copper Down

The US dollar hit a high not seen since November 2004 versus the Swiss Franc today. Against the Yen, the greenback held up at 104, continuing its sideways motion. Spot copper broke through support to end at 1.43 US. A weak jobs report has Wall Street betting that the interest rate rise will be halted or slowed by a stalling economy.

It is worth noting that two widely held beliefs are now being dispelled: one, that the dollar could only head lower and two, that interest rate could only go higher. Both are now in doubt, typical of mainstream financial consensus.

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