US$ index

Add Nicolas Sarkozy to the choir of calls on the US$ as he is saying at the G8 that the US$ can’t remain the only reserve currency. Even before his comments, the $ index has been weak all day on the heels of the Bank of England MPC statement this morning. The $ index is back below the important 80 level and has failed at its 50 day moving average. Before the break below in Sept ’07, 80 has been a key level of support going back to when the index began in 1967 and while there has been much talk about the head and shoulders in the SPX, look at the one in the $ index that has developed going back the past year.

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