Iran is switching to Euros

Everyone's bearish on the USD. Does that mean it'll rally simply because majority of the people are usually wrong and will try and short it?
 
Quote from Rocko1:

Everyone's bearish on the USD. Does that mean it'll rally simply because majority of the people are usually wrong and will try and short it?
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you could well be right there, early signs are in the making. The only people that have the luxury to logically remain bullish on EUR vs USD are the ones that were buying EUR when sentiment was the exact opposite.
 
Quote from Pekelo:

http://news.bbc.co.uk/2/hi/business/6190865.stm

That was on Monday. On Tuesday MSNBC reported that the US increased its Navy presence in the area...

I also wonder what the hell happened to the planned Iranian oil bourse? My bet that the US warned them via backchannels that if they dare to open it, they would be bombed to the stoneage...
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The effect could be devastating to US dollars. OPEC might observe Iran's situation, and if they like it and switch to Euro as well, dollar will no longer be associated with a real asset. It's a bad bad thing.

I'm going to switch my trading ccount base currency to Euro, been thinking about it for a long time, this is the trigger. Better be safe than sorry, US dollars are already 35% overvalue. To say that it would collapse, it might be too harsh, but it should bleed to death slowly JMHO.
 
Quote from Rocko1:

Everyone's bearish on the USD. Does that mean it'll rally simply because majority of the people are usually wrong and will try and short it?
More...


define "everybody" and "majority".
 
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