Saturday, November 24, 2007

Prognostication on oil and the US dollar follow-up

When I said I was no Carnac the Magnificent, I meant it. Based on my layperson's reading of the tea leaves, I expected to see oil trading in triple digits and the US dollar reaching new record lows this week in the aftermath of that OPEC meeting debacle in which proceedings that were not supposed to be televised got televised. So now that the week is done, how did my predictions fare? On oil, I was close, but no cigar. There's some speculation that oil will finally hold at the $100 mark sometime next week, although that viewpoint isn't universally held. As for the US dollar, it did reach a new low against the Euro. Against other currencies, the dollar is still performing poorly, although showing a slight improvement against the Canadian dollar, British Pound, and the Yen Friday. All in all, it's a good thing I advise against betting the ranch on my predictions, although I wasn't too far from the mark.

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