something to potentially worry about for tomorrow: John Snow says he's "not particularly concerned about" the recent decline in the dollar, according to wire service reports.
"The dollar is going to rise and fall some," Snow said. "There's nothing unusual about this, nothing alarming about it. It's within normal ranges. I don't see anything troubling about it."
While all that may be factually accurate, the perception of Snow's comments could roil currency trading overnight and tomorrow: The greenback immediately tumbled in reaction and is now trading at a 4-year low vs. the euro, which is at 1.0966.
"I hope he [Snow] is not going to be labeled as pursuing Duisenberg's 'benign neglect' of 1999," emailed Ashraf Laidi, chief currency analyst at MG Financial Group.
If this currency trading trend continues (or is extended) overnight, I'd expect a big "whoosh" down for equities tomorrow, esp after today's dismal finish.
That could lead to one of those sharp intraday reversals/bounces...or not.
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