« The Flavor of the day: the New Zealand dollar! What are traders spitting out? Euros! | Home | Fed Comments! »
Dollar Sells off Hard…Oil – Above $61!
By Sean Hyman | May 20, 2009
The dollar is breaking lower…oil heading higher (hit $61 a barrel so far). The EUR/USD and AUD/USD are soaring while USD/CHF is tanking hard.
We have a broad “dollar sell off” underway so far this morning.
For Americans, this is bitter-sweet. This could help their stock and commodity investments but will kill them at the gas pump, at the grocery store and when they purchase other goods (commodities). So their purchasing power from their paycheck erodes.
How can you fight this off? Buy EUR/USD and AUD/USD. The euro is the “anti-dollar” and the Aussie does well when commodities do well.
So being “long” these currency pairs will help you fend off the effects of a falling dollar.
Get a demo or live account, here today: http://www.fxedu.com/
Just click on “Practice Account” or “Live Trading Account”.
Happy Trading!
Sean Hyman
www.forextradingblog.com
Tags: account, AUD, Aussie, blog, CHF, commodities, commodity, currency, currency pair, currency pairs, demo, dollar, EUR, Euro, forex, forextrading, fx, fxedu, invest, live, lower, oil, practice, practice account, Sean Hyman, ssi, stock, USD
Topics: What To Look At In The Market | No Comments »