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Bloomberg/John Authers/5-27-2021
“Two months ago, the dollar was rallying, and touched its 200-day moving average, suggesting that it was ready to break higher. Technical analysis matters a lot in the foreign exchange markets, and that moment helped traders decide that they weren’t prepared to take it higher. Now the dollar is at another possible parting of the ways. If the currency drops further from here, it sets a new seven-year low, and strengthens the belief that it is now in a secular downturn.”
USAGOLD note: The reasons behind the downturn are well-documented at this juncture and unlikely to reverse anytime soon. The question remains, though, if other nation-states will be more aggressive in the debasement of their currencies than the United States.
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