Another day, another Fed official jawboning the dollar higher. Gee, you’d think they’re trying to get it to break out or something…
The US dollar has been heavily manipulated over the past year. We’ve covered the “why.” As an importing nation, the US needs the things it buys to remain relatively cheap or the “we need higher inflation” meme falls flat on its face.
Without it, there’d be no excuse for the continuation/expansion of easy money policy that’s propping up the “markets.”
As to how…well, when you have unlimited funds at your disposal and can legally play the currency game any time you like, it’s not exactly rocket science.
And, they’ve long since given up on the pretense of an investor-driven market. You don’t get chart patterns like these — with frequent breakouts from well-established channels — just because.
You get them when investors panic, choking off the prospect of continued new highs, forcing central bankers to do what they do best — propping up prices.
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