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| Dollar falls yet again as report leaks that oil nations considering change in Dollar |
| Published : 10/7/2009 (Updated : 10/7/2009 3:33:25 AM) |
| Tuesday, October 06, 2009 has proven to be a dismal day for the US Dollar and may be the day historians cite as the beginning of end of USD dominance as a reserve currency. |
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Economic Calendar
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Date
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Time *
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Source
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Description
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Forecast
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Previous
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10/7/2009
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00:30
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AUS
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Investment Lending
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n/a
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-4.0%
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10/7/2009
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05:00
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JPN
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Leading Index CI
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n/a
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82.5
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10/7/2009
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09:00
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EU
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Euro-Zone GDP s.a. (YoY)
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n/a
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-4.7%
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10/7/2009
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09:30
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UK
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BRC September Shop Price Index
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n/a
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n/a
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10/7/2009
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10:00
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GE
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Factory Orders YoY (nsa)
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n/a
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-19.8%
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10/7/2009
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19:00
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US
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Consumer Credit
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-$9.5B
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-$21.6B
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10/7/2009
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23:00
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GE
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Industrial Prod. YoY (nsa wda)
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n/a
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-17.0%
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10/7/2009
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23:50
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JPN
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Current Account Total
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n/a
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Yen1262.6B
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USD
Tuesday, October 06, 2009 has proven to be a dismal day for the US Dollar and may be the day historians cite as the beginning of end of USD dominance as a reserve currency. The Greenback fell hard after British media outlet, the Independent, reported that a cabal of nations including Saudi Arabia, Russia, China and surprisingly enough, France, have been planning to replace the Dollar as the primary trading currency for oil. The news, which had been denied by the big oil producing nations later in the session, had sent the Dollar tumbling. If the news proves to be correct, it would mean that the number one commodity traded will no longer require US Dollars and that translates into hundreds of Billions of US Dollars per day that is no longer needed.
At 11:55PM GMT, the US Dollar was down .51% against the Euro to 1.4716, down.26% to the British Pound to 1.5909, down .76% to the Japanese Yen to 88.76 and down .54& versus the Canadian Dollar to 1.0592.
AUD
Skirting widespread speculation, the Reserve Bank of Australia raised their core interest rate by a quarter basis point to 3.25%. The move put Australia in front of all other Western nations, making them the first to raise rates amidst the current economic crisis and sent the Aussie on an upward tear through Forex pairs. The rate hike also helped spur on stock markets across the globe as optimism grew that the global economy was recovering.
At 12:05AM GMT, the Australian Dollar was trading up 1.53% against the US Dollar to a 14 month high of .8904, up 1.25% to the Euro to 1.653, up .76% against the Canadian Dollar to .9433 and up .33% versus the Japanese Yen to 79.06.
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