Yesterday was a holiday up here in Canada, so the Bank of Canada’s 3 Month US Dollar vs Loonie chart didn’t get updated. The currency was still traded, and at one point the Dollar (vs the Loonie) was down over 3/4 of a cent [1] from Friday’s close. This got some of the gold bugs [2] [3] started. As well, hedge fund moves in the palladium market [4] [5] seemed to get yet another obscure commodity bubbling away. When diverse commodities are all going up, it starts to look like it’s really the value of the currency heading down.
A number of other news stories from Monday seemed to carry additional risk for the value of the US dollar and its continued reign as the world’s default currency. I will briefly outline some of them in what follows.
