Reply #7: Resilient dollar extends gains, eyes data (Bwahahaha!)

[54anickel]

I was itchin' to post this one, but wanted to wait to see if you had it for the Buck-a-roo watch!

http://www.reuters.com/newsArticle.jhtml?type=businessNews&storyID=8179416&pageNumber=0

snip>

The U.S. currency slipped against the euro after weaker-than-expected retail sales data on Wednesday but soon rebounded, as it did on Tuesday after the U.S. trade deficit hit a new monthly record.

"We've had two bad U.S. numbers in the past two days and euro has plummeted after both of them," said Lee Ferridge, senior proprietary trader at Rabobank.

"The market is worried that there are big sellers out there that you can't explain and people are reluctant to be long on the dollar given the speed of the moves in the past few days -- and you can't blame them," he added. Rumors that billionaire investor Warren Buffett was buying back the dollar after having made massive bets against the U.S. currency prompted traders to tread cautiously. Buffett wagered $21.4 billion against the dollar last year.

snip>

Markets will also be closely monitoring Federal Reserve Governor Ben Bernanke's speech on "The global saving glut and the U.S. current account deficit" later on Thursday.

snip>

Dealers in Tokyo said demand for dollars by Japanese investors helped lift the currency broadly during an otherwise quiet session....


Did Buffett play let's make a deal? Is he doing his patriotic duty to save the US dollar by allowing the rumor?
Turn in for another exciting episode of "As the Dollar Burns" :evilgrin: