Once again an 'offered' feel to the USD at the start to this new week. The news over the weekend although not of great importance has been almost all US dollar negative. The Opec summit concluded with Venezuela and Iran calling for action in adopting a basket of currencies rather than just US dollars in the pricing of oil. Fed member Stern speaking in Singapore over the weekend warned of further weakening in the US housing market and top investors in the US automotive industry painted a very grim picture for the future with one warning of a possible slump in US sales to levels not seen for 15 years. US data last week reported the biggest drop in industrial production since January and lower than expected foreign investment in US assets in September. Nothing there to give holders of US assets or dollars comfort and the FXTT trading model retains its USD negative bias.
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