Audit the Fed – Amendment to a $200 billion bill frightens currency traders!
Contrarian Profits (November 20th, 2009) Writes:
Chuck Butler, regular analyst at The Daily Reckoning, offers an analysis of why the ‘Audit the Fed’ amendment to a $200 billion deficit plan spooked the currencies markets this week.
Chuck Butler (The Daily Reckoning): As I checked the currencies throughout the day yesterday, I noticed that as the day went on, the non-dollar currencies were stronger, led by the Big Dog, euro (EUR)… But then late last night, and I mean late last night, I checked them, and those gains had been wiped out.
So, when I arrived here this morning, I had one thing on the top of my list of things to do, and that was to find out what happened… Come on, I said to myself, it had to be more than the “risk on, risk off” stuff that’s been hanging over the markets like the Sword of Damocles! But, when you
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