Crude-oil prices, gold and moves in the markets show we're at the edge of the cliff, this hedge-fund co-manager says:
Financial markets are at a crucial inflection point and Wall Street investors should look no further than the U.S. dollar for the clearest sign of the increasing stress on the system that could ignite a financial crisis a la 2008, says Raoul Pal.
The dollar is hovering around its highest level since 2002 as of July 31, according to the most recent data from the St. Louis Federal Reserve via Fred on the greenback’s trade-weighted strength against other major global currencies . Pal, a former Goldman Sachs trader, who also co-founded Real Vision TV, says this backdrop of weakness in global currencies has been a key driver for the downbeat mood in markets.
The trader pointed to crude-oil prices CLU19, +2.60% sinking more than 4%, pushing the commodity into bear-market territory, usually defined as a drop of at least 20% from a recent peak.
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