So declared one Edward Meir, a commodities analyst at MF Global, to Reuters – describing, rather graphically, the thinness of trading across almost all asset classes ahead of the Fed’s interest rate decision.
But the lack of business hasn’t actually supported the price of that prime Fed indicator – the US dollar. On Wednesday, against the Euro, at 1.4447, the American currency had struck a fresh all-time low, while against sterling we have not seen a quote like 2.0733 in the era of free exchange rates.
But to get a true historical sense of the fading greenback, consider the traded-weighted picture, annotated by Sempra Metals:
