Forex Blog: Currency Trading News & Analysis.

September 23rd 2005

Hurricane Rita downgraded

The USD has moved in tandem with oil prices over the last few weeks, which have largely been shaped by the impact of hurricanes. A popular joke holds that currency traders spend more time watching the weather channel these days than CNBC. Suffice it to say that when Hurricane Katrina was downgraded to a Category 3 hurricane, currency traders instantly turned bullish on the USD, on the basis that oil producing facilities would likely sustain minimal damage as a result of the hurricane. At this point, unless Hurricane Rita changes course and/or intensifies (both of which are unlikely), you can expect support for the USD to continue into next week. Reuters news reports:

The hurricane was expected to make landfall late on Friday or early Saturday and had veered away from Houston, Texas — a major metropolitan center and the heart of the U.S. oil refining industry.

Read More: Dollar rises as Hurricane Rita downgraded to 3

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Posted by Adam Kritzer | in Investing & Trading, US Dollar | 1 Comment »

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One Review of “Hurricane Rita downgraded”

  1. Euroman Says:

    Be Bullish Dear Forex friends, if the all mighty dollar’s fate depends on the weather and the Bush emergency team , then I recommend you buy Islandic crowns right now..

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