USD's recent rally has nothing to do with investor's

confidence on US economy. Everyone, at least on the street, knows European Banks have more ugly truth to reveal relative to their US peers. European housing market just started its down journey while US housing market is already in the mess.

Moreover, Everyone, at least on the street, awaits for the other leg to drop from the US banks.

Finally, don't expect money to flow into the stock markets. The only beneficiary is US treasury that does not do a thing, since credit spread is at the peak level and credit market as a whole is simply dysfunctional.

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• confidence is a relative thing, people has to put their -longtermInvestor- ♂ (443 bytes) () 09/06/2008 postreply 12:57:01