Dollar shows growth for 8 consecutive weeks, and Dennis Gartman said in an interview with CNBC, that the growth of the currency has only just begun.
“I think that now lasts for only the second of the possible 10-minute periods of” match “,” – says Gartman, editor of the newsletter The Gartman Letter.
“Bull” market for the dollar has just begun. “
If the rise in the currency will not stop until the end of the week, it will be the longest since 1997.
Gold, on the other hand, suffers loss for the 4th day in a row.
“A strong dollar will always exert downward pressure on commodity prices, which is particularly unfavorable for those who adhere to” bullish “sentiment on gold,” – said Hartmann.
However, he points out, if we consider the gold against the yen and the euro, “his position is quite strong. Gold – of a kind too currency. “
In addition, he is convinced that it is worth noting decline in the value of American crude oil, which hit a low against the background of “extremely” bearish “news” regarding the expectations of a more limited growth in demand for oil markets. Later, there was a reversal, and prices began to rise again.
“That’s impressive. Such trend reversals always arouse interest. This minimum may be crucial, “- concluded Hartmann.