Bad news for Obamallah.
The dollar surged to a two-year high against the pound and a six-month peak against the euro on Friday, as fears about spreading economic gloom triggered a sell-off in commodities.
Against sterling, the US currency notched up its 11th consecutive day of gains – its longest uninterrupted rise in more than 35 years – as markets became increasingly convinced that the US was best-placed to weather the global downturn.
The strong dollar rebound undermined sentiment in the gold market, where prices fell below $800 for the first time this year to $774.90 a troy ounce, almost a quarter lower than early March’s record $1,030.80.
How will the prophet and his followers explain the lack of doom and despair to the faithful? Is it a trick by Cheney? Did McCain recycle all of his wife’s beer cans and use the money to throw the world market off kilt?
At least the elder to the prophet, Algore, has some good news coming. For now, these two “Obama supporters” are singing the socialist(D) party theme song. Guess they didn’t get the news yet…