Dollar is falling after Russia starts selling foreign currency. Is this the start to the end?

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Dollar is falling after Russia starts selling foreign currency. Is this the start to the end?

Source: http://investmentwatchblog.com

11:25
Dollar, euro continue falling after Russian Finance Ministry announces sale of currency balances

11:22
FINANCE MINISTRY ALREADY SELLING CURRENCY ON MARKET – SOURCE

11:18
Russian Finance Ministry starting to sell its currency balances on the market

http://www.interfax.com/news.asp

40
FINANCE MINISTRY TO SELL CURRENCY ON MARKET FOR AS LONG AS NECESSARY – MOISEYEV

Russia Prepares For GDP Surge As Consumers Scramble To Spend Their Plunging Rubles.

In the most ironic twist of all amid the “currency crisis” enveloping Russia, we suspect the world’s central bankers will be looking on jealously as The CBR manages to achieve precisely what The BoJ and The Fed are desperate to achieve. In raising inflation expectations, The FT reports, Russians are hurriedly turning their depreciating Rubles into jewelry, furniture, cars, and apartments as the currency’s collapse prompts a shopping spree that will likely lead to a surge in GDP. As one anxious shopper noted, “none of us know what’s happening. We’re all worried that the currency will keep falling,” and so “it’s time to buy furniture!” And sure enough, shopping centers are currently experiencing a spectacular rush….more here

 

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