Economic Data Continues To Come Out Weaker Than Expected

Economic data continues to come out on balance weaker-than-expected. The Atlanta Fed today notching down its estimate for the second quarter GDP to 2.6 percent. This is the lowest the Atlanta Fed has been since they've been making forecasts on the second quarter. I assume that they're going to continue to ratchet that bar lower and lower as more economic data comes out.

Some People Are Trying to Keep the Price of Gold From Rising

Every time gold is about to breakout someone comes in and sells a tremendous amount of it all at one time. So, obviuosly there are some headwinds, some people are trying to keep the price of gold from rising for whatever reason but they will not be successful long term. Gold are going to rise as the US Dollar weakens. (Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ), SPDR Gold Trust ETF (GLD), Newmont Mining (NEM), Barrick Gold (ABX), Goldcorp (GG))

The Euro Is Not My Favorite Currency

 The Euro is not my favorite currency. I do think that there are other currencies that are ultimately going to enjoy even bigger gains against the US Dollar than the Euro which means those other currencies will also be gaining against the Euro but you have so much short interest in the Euro so many people betting on the demise of the eurozone and look I still believe that the euro zone is going to fall apart it's just not going to fall apart as soon as a lot of people thought. 

Euro Currency: This Move Is Just Beginning

The US dollar we're now trading just below 1.1450, remember wasn't too long ago the euro was down around 1.05 or so and everybody was talking parity with the dollar, all the traders were short the euro and I was saying that the euro was bottoming, that the euro is going to rise and the rise is just now beginning and I think there's a lot more to this move, of course other currencies are also following the euro's lead.

The Euro Is Surging Against The US Dollar

The US dollar continued its decline, the dollar index falling to a fresh eight-month low. The dollar is being led lower by a surging euro. The euro is actually at a 12-month high against the US dollar. 

Draghi Sends Euro Higher, US Dollar Lower

The US Dollar was down sharply and broadly led lower by a rally in the euro currency. The catalyst for the euro rise were some statements by Mario Draghi early in the morning basically where he said that he thought the downward pressures on inflation were transitory so a somewhat hawkish stance on inflation and the markets took that to mean that QE will come to an end sooner rather than later.