Beware of Forex news experts !!!
Hi All,
Last Tuesday's (May 30th, 2006) erroneous news reports that US Treasury Secretary Snow would be replaced with a nominee favoring a weak dollar caused a dollar sell-off.
Of course, the other majors climbed up many pips at the expense of the dollar. Then we got the next news that the chosen nominee was in fact Mr. Paulson, and that he had a different bent on the strength of the US dollar.
The above means the average person would think there'd be a correction of the sell-off, since it was based on bad information. However, many of the Forex news "experts" didn't see it that way. I've gone to many websites looking at the news and hardly anybody mentioned the erroneous dollar sell-off.
Of course, the market proved my assumptions correct. Look at the way it's corrected the sell-off and replaced it with a stronger dollar.
So, be leery of the Forex news "experts," since they don't seem to live in the same world we do. Take anything they say with an extra large grain of salt..very large!
moneylineI don't think I have seen any 'news experts', can ya point out one or two?
I personally prefer contrarian news and info.
Regardless of the issue, regardless of the position on that issue, there will be an "expert" (or many) who support it.
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Hi All,
Last Tuesday's (May 30th, 2006) erroneous news reports that US Treasury Secretary Snow would be replaced with a nominee favoring a weak dollar caused a dollar sell-off.
Of course, the other majors climbed up many pips at the expense of the dollar. Then we got the next news that the chosen nominee was in fact Mr. Paulson, and that he had a different bent on the strength of the US dollar.
The above means the average person would think there'd be a correction of the sell-off, since it was based on bad information. However, many of the Forex news "experts" didn't see it that way. I've gone to many websites looking at the news and hardly anybody mentioned the erroneous dollar sell-off.
Of course, the market proved my assumptions correct. Look at the way it's corrected the sell-off and replaced it with a stronger dollar.
So, be leery of the Forex news "experts," since they don't seem to live in the same world we do. Take anything they say with an extra large grain of salt..very large!
moneyline