In recent posts, I noted that the USD had started to lose ground against a basket of currencies.
Here's the background on the USDX.
Since the USD bottomed out in mid July 2008, it has been in quite a steep uptrend, that is quite visible on the 3 year USDX chart.
According to some technical analysts, the USDX index has formed a head and shoulders trading pattern, and thus the next move will be DOWN ! Is this going to be a decisive move, or just a minor pull back after the recent USD rally? Gold meanwhile has been trading in the mid $830s.
Stockmarkets globally have recovered from recent lows, but are trading nervously ahead of the FED meet later today.
The '''Madoff scandal & ponzi scheme''' is yet another sign of the irrational excesses, lax regulation and manipulation of recent years.
Here's a an interesting take on the Madoff scandal by James West of the 'Midas Letter',