Intraday Market Thoughts

Archived IMT (2009.05.18)

by Ashraf Laidi
May 19, 2009 0:05

China and Brazil planning to use their own currencies in trading with one another instead of resorting to the US dollar. Recall, Brazilian president Lula showed no reservations in blaming the current crisis on the "Western world", while China has gradually expressed disappointment with its investment in US banks and its worry over the fate of the US dollar. As the media picks up this story in the coming days, we should expect renewed upside pressure on US bond yields, gold and silver. Closely watch the oil impact. Stay tuned.


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