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The King Is Dying, Long Live The King.

Written by A Forex View From Afar on Friday, December 28, 2007

The US$ share of global foreign-exchange Reserves fell to the lowest level since records began in 1999, as international demand for U.S. assets slumped after the subprime-mortgage market collapsed.

The USD accounted for 63.8% of Reserves at the end of September, down from 65% at the end of June, the International Monetary Fund said today in Washington. The share of Euros increased to 26.4%, from 25.5%.

The figures suggest central banks diversified out of the dollar as it fell to its weakest in a decade. Investors sold a record amount of U.S. securities in August when defaults on subprime mortgages rippled through financial markets and the Federal Reserve signaled it would cut Interest Rates.

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Fundies and Trading
There is a constant question from some traders as to why anybody would ever need to consider the ‘F’ word when trading. Fundamentals: what is so damaging at looking at both Technical charts and having a Fundamental filter to gauge how many Lots to put on? Why is it that accepting that Technicals give us price points to trade, but Fundamentals determine the direction that we travel is so difficult for some traders to accept? Without a Fundamental Filter very few pure Technical traders would have seen this Dollar move coming today.

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