Just thinking about today's news about China selling USD assets. I've been waiting for a big spike in AUD/USD and EUR/USD to signify a short term bottom for the USD and by implication a further drop in mkts which have been rising on the back of USD depreciating.
Just wondering whether its possible (despite high 1 hourly RSIs) that today's news actually creates a bit of a shift in thinking so that the USD possibly keeps falling further but what changes is perhaps investors now start thinking that its time to pull the plug on the US investments (in line with China).
So despite the US markets holding/going up because the USD has been devaluing, there is now a step up in the volume of investors getting out of there as a falling USD ultimately means the US economy is going to the dogs.
So possibly tonight we could see a disconnect of the US markets recent inverse linkage with the USD??
Thoughts??
Just thinking about today's news about China selling USD assets....
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