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Tuesday, February 22, 2005


the first pebbles?

angry bear cites a financial times article on news from asian markets in recent days -- which have seen a sharp backslide in american treasuries and the dollar, while gold has surged.

the bank of korea is talking about diversifying its foreign exchange assets -- the fourth-largest in the world -- out of dollars.

“The dollar sell-off is a clear indication that the focus of the foreign exchange market seems to be shifting away from interest rate differentials and on to current account funding concerns and central bank diversification speculation that undermined the dollar considerably in the final quarter of 2004,” said Derek Halpenny, senior currency economist at Bank of Tokyo-Mitsubishi.
the dangers of a dollar crash are manifold, and the chances of a run against the currency are rising.


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