It is time to buy US Dollar index
Peter Oberois
Feb. 27, 2008

Euro gained 0.8 per cent to $1.51, and the Swiss franc, up 0.8 per cent at 1.0668. The dollar index, a measure of the US unit’s strength against a basket of currencies, fell to a record low of 74.22. The gloom and doom on dollar is well taken. But momentum divergences are very clear. Dollar is at a long term low as European and other economies slow down and Federal Reserve gets concerned about inflation.

The US currency can dip further down but on the long run it will rally back to 85 or higher.

It is true that the US economy is under depression driven by underemployment. But the fact is simple, the other economies are getting weaker from US depression and will affect those currencies.

Eurozone cannot prosper with $1.50 to one Euro. Their exports to US are falling apart. Tumbling US house prices and weak consumer confidence overshadowed rising producer price inflation on Tuesday. But Federal Reserve has started watching the inflation scenario especially with gold and oil rising exponentially. They will most likely provide economic stimulus while not lowering rates to strengthen dollar.

It is time to buy US Dollar index
Peter Oberois
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