It was a very confusing week that saw hopes for a recovery in the dollar and an end in the spiraling energy prices smashed into smithereens. Bottom line: the US economy continues to weaken, the credit risk is rising again, and the Federal Reserve opted to focus on inflation rather that on the economy. This is a lethal cocktail for the dollar.* And an Israel warning that it will attack Iraq to stop it from making nukes propelled the oil price to record levels and limit up.


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