The dollar surged against the European and the commodity currencies |
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Massive liquidation (or capitulation, if you prefer) of carry trades torpedoed AUD/JPY and NZD/JPY, while the structural inability of the Eurozone to put together a euro-TARP gave the green light to vicious sales of euros. Granted, Germany, France and Italy joined Ireland in guaranteeing all depositors, but that’s not what the market wanted to listen to. The dollar surged against the European and the commodity currencies, while sinking versus the yen. This move was severely overdone, and we
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