New York Session |
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The buck was decimated in the NY session as pessimism about the US government bailout spread. Investors suffered a case of sticker shock after the $700 billion price tag of the bailout was announced. In the end, however, the plan could end up costing much less as the government is not forced to mark the assets to market. The flight away from everything and into commodities made matters worse for the USD as the hedge against USD declines was full-blown. Oil rocketed to $130 at
Filed under: Technical
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