So long ' Dollar '...

[xtraderx]

Americans may be spending their dollars with merry abandon as the Christmas shopping season begins this Black Friday, and that might be a good short-term strategy: the greenback slid on the foreign exchange markets after a Chinese central banker expressed fears about depreciation of the U.S. currency.

Underscoring the potential for U.S. inflation in a depreciating dollar, an ounce of gold cost $645.60, up from $630.80 on Thursday.

China has never revealed the exact composition of its foreign currency reserves, but market speculation suggests at least 70% is in dollars. With Chinese reserves having recently topped $1 trillion, a move away from the dollar could have significant implications.


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