Will investors run fore cover from Dollar exposure?
*Financial Times, by Javier Blas & Michael Mackenzie, January 2, 2008
“Dollar fear sparks rush to oil and gold
Crude oil prices briefly hit the $100-a-barrel mark and gold prices jumped to an all-time high as investors on Wednesday poured money into commodities amid deepening fears about the weakness of the US dollar.
The oil price rally soured the first stock trading day of the year, with the Dow Jones Industrial Average closing 1.7 per cent lower, its worst start since a slide of 1.9 per cent on the first day of trading in 1983.
The dollar’s fall against the euro and the yen – which makes dollar-denominated commodities cheaper to non-US buyers – came after the US manufacturing sector slumped to its lowest level in five years during December.”
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