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13th September 2008
Oil went below $100 on Friday but the euro went up to close at $1.4212 which means lower oil prices below the $100 mark started hurting the dollar instead of helping it partly because of decrease on dollar demand to buy oil.
It’s an interesting observation. When oil moves down from a record high the dollar moves up to a certain point beyond which it starts reserving course in a parabolic shape.
With all the manipulations the euro hit its bottom in the $1.38 area which means it will be building up on that base from now on. |