FAST FIVE: Luongo On Overblown Nonsense: "Insurrection" & "The Death Of The Dollar"
Had the USDX completed the two-bar reversal there we would almost certainly be looking at a different scenario today.
The current polling certainly suggests nothing untoward happening in March.
This, I think, is a power play by Renzi to change the makeup of the government without calling for an election, in effect restoring him to power as effective Prime Minister since the fragile coalition there needs his votes and polling is against all the parties in power.
So, this is an existential threat the establishment in Rome is facing and it's why Renzi's challenge is both brilliant political maneuvering and likely to succeed.
But the long-term stability of the US dollar will be largely determined by the resilience of institutions for the protection of property rights, the demand for American goods and services in the global market, as well as the predictability and independence of the Federal Reserve System (FRS), which underpins the confidence in the US dollar.