Sunday, June 27, 2010

Words versus action

Dollar's Biggest Rally Since '05 Buckles as Strategists Draw Line at $1.20 By Liz Capo McCormick - Jun 27, 2010 

"... Futures traders are unwinding record bets that the dollar will rally. The number of contracts hedge funds and other large speculators hold betting on a rise in the dollar versus a fall against currencies traded at the Chicago Mercantile Exchange declined by 70 percent to 49,335 in the week ended June 22 from the peak of 163,085 on June 8, according to Washington-based Commodity Futures Trading Commission data..." 

Comment: While the speculators are retrenching from their wrong bets, the battle of words continues with more hype than substance -- nothing new under sun. 

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