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Dollar Daze – Has The Greenback Bottomed?

On Tuesday the U.S. dollar rose to two-week highs against the euro while the dollar index a measure of its performance against six other major currencies, rose to 76.323, a two-week high, well above a 14-month low of 74.94 hit last week.

That’s significant because dollar weakness had largely been driving gains in the stock market, sending commodity prices higher. In turn, they took natural resource stocks along for the ride. Also multinationals benefited as those firms repatriated profits back into dollars.

Of course the consumer was the big loser with the weak dollar sending prices at the pump higher and higher.

Has the dollar bottomed and if so what’s the trade?

Find out what Peter Schiff, Euro Pacific Capital president says. Watch the video now!


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Trader disclosure: On Oct. 23th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (BX); Najarian Owns (GE) Calls; Najarian Owns (LAZ) & (LAZ) Puts; Najarian Owns (MYL) Call Spread; Najarian Owns (RIMM) Call Spread; Najarian Owns (WFT) Call Spread; Najarian Owns (YHOO) & Short (YHOO) Calls; Najarian Owns (STX) Calls; Najarian Owns (CLF) & Short (CLF) Calls; Finerman Owns (RIG), (TGT), (WMT), (WFC), (PDE); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Owns (WFC), (FLS), (MSFT), (PBR), (PDE), (RIG), (PLCE), (TJX); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Terranova Owns (HES), (JPM), (IBM); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (SBUX)

For Jamie Baker:
JP Morgan Owns (UAUA)
JP Morgan Has An Investment Banking Relationship With (UAUA)
JP Morgan Has An Investment Banking Relationship With (CAL)
JP Morgan Has An Investment Banking Relationship With (AMR)

For Paul Sankey:
Deutsche Bank Owns (VLO)
(VLO) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (VLO)
(VLO) Has Been A Client Of Deutsche Bank In Past Year

Deutsche Bank Owns (HES)
(HES) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (HES)
(HES) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (BP)
(BP) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (BP)
(BP) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (OXY)
(OXY) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (OXY)
(OXY) Has Been A Client Of Deutsche Bank In Past Year
(SUN) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (SUN)
Deutsche Bank Owns (PDE)
(PDE) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Owns (COP)
(COP) Is an Investment Banking Client of Deutsche Bank
Deutsche Bank Has Received Compensation From (COP)
(COP) Has Been A Client Of Deutsche Bank In Past Year
Deutsche Bank Owns (CVX)
Deutsche Bank Has Received Compensation From (CVX)
(CVX) Is an Investment Banking Client of Deutsche Bank
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Deutsche Bank Has Received Compensation From (XOM)
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For Peter Schiff
Schiff Is Long Gold
Schiff is Short U.S Dollar


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