by John Galt
January 24, 2018 05:50 ET
It would appear that not only have the Euro investors decided that the Dollar is no longer the place to be, but so has Asian investors as the Yen blew through the critical 110 level and even the commodity currencies like the Aussie and Kiwi have a bid. But why? If this is a shift in global confidence due to the malfucntioning US political system, then there might be some validity to this mornings drop.
Even the common US Dollar Index is starting to cause concerns as it rapidly approaches the key 88 level for long term support:
If the 89 even level doesn’t hold and the US Dollar breaks below the 88 level, it’s just an air pocket to 82 which provides even more support for precious metals investors and in the short term gives the cryptocurrencies a break in their descent. Stay tuned, this week may get even more interesting as President Trump goes to Davos to speak.