As a symbol of how the US punches above its weight, nothing beats the pre-eminence of its currency. The US may account for just a fifth of global gross domestic product, but dollar assets make up three times as great a proportion of global reserves.
... particularly if it is bolstered by an upside revision on July's University of Michigan Consumer Confidence gauge - stands to reinforce bets on an on-coming Fed interest rate hike following this week's hawkish shift in FOMC rhetoric, boosting the US ...
July 31 Speculators raised their bullish positions on the U.S. dollar a tad earlier this week ahead of the Federal Reserve's policy statement, according to Reuters calculations and data from the Commodity Futures Trading Commission released on Friday.
"As the dollar strengthens, the rupee would trend downwards. Frankly, the fundamentals in fact had warranted the rupee to depreciate quite a bit, because our inflation differentials are still quite substantial.
In either case, we're going to continue to monitor the USDOLLAR Index as it too is behaving in a technical manner that would imply the Fed was a bit more hawkish yesterday than appeared at first blush.
Unfortunately it is in US dollars and I am finding it difficult to cash. My building society, Nationwide, says that because it is for $250 it falls below its accepted threshold for such transactions ($300) as it would cost too much to process.