Asia Buying Dollars
PLEASE USE COMMENTS TO EXPAND ON THIS STORY, ESPECIALLY IF YOU ARE TRADING IN CURRENCIES OR IN EXPORT BUSINESS
When your trading partner's currency weakens, it's not all good news. Yes you can buy their goods more cheaply. But they can't buy yours. So Asian central banks bought US dollars yesterday to weaken their own currencies. Nations in South East Asia are struggling with weak demand for their exports from America.
City AM says: Despite the intervention, the greenback hit one-year lows against a raft of regional currencies. The dollar index, which tracks its value against a basket of six main currencies, hit a 14-month low in New York trading.
What's happening on markets where you are and why?
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With most of the dollar bills outside the US, and an unknown amount counterfiet, how do we know what the dollar is really worth? Money has to be backed by assets you can't rely on sentiment all the time. So, how are the assets in the US looking?
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