Moments ago, CNBC just said that oil is surging today because of a stronger dollar. Oh, give me a break.
The dollar is down 0.52% today, down to $92.98 (from CNBC, by the way). A stronger dollar drives the price of oil down, not up. I wonder if the "talking head" misspoke? Be that as it may, the strength (or lack of strength) of the dollar today in now way accounts for a four-percent jump in the price of oil.
I googled for a stock photo of an oil investor who shorted oil last Friday:
Remember playing the exchange rate lotto in West Germany. Some months it worked out better to cash my checks at local German bank, wait a few days and have converted. Gave myself a raise, just based on the rate of exchange.
ReplyDeleteYes, we did the same thing while stationed overseas. Some months it could be quite remarkable.
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