>>>r u surprised that "they" let the dollar do a freefall?<<<
No I'm not, Porter, nor do I necessarily believe that "let" should be the operative word in this matter, but Dennis Gartman's comments rrom earlier today tend to serve notice that I am prolly mistaken for thinking that way.
"THE US DOLLAR IS IN SHAMBLES ON THE FOREX MARKET TODAY,
following the truly surprising decision yesterday by the FOMC to cut both the discount rate and the o/n fed funds rate by 50 bps each. The FOMC has sealed the dollar's fate until further notice with this decision. The Committee has given everyone, everywhere the reason and the "green light" to attack the dollar from all sides, knowing that the monetary authorities shall give them "aid and comfort" at any turn. We are witnessing what would seem to be unprecedented price movements by the various currencies in the past twenty four hours. Perhaps there have been greater movements than those seen since yesterday's decision by the FOMC, but in our thirty+ years of watching, trading in and commenting upon the markets we cannot recall a time when the Canadian dollar, for example, move nearly "two handles," or when the Aussie dollar did indeed move "two handles," or when the "Kiwi" moved very nearly "three handles"... all in the same twenty four hour period. The Russian Ruble has moved nearly 1.4%. The only time we can recall movements coming even close to this sort of violence is in the late summer of '98 when the Russian and Emerging Market crises were joined with the problems surrounding Long Term Capital Management and the US dollar moved 8 "handles" relative to the Yen, although most of the other currencies moved a good deal less materially."
Dan 
AI
