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US Dollar Shunned 

The big news out of this weekend's meeting of G-7 finance ministers was the fact that the US dollar was not mentioned. Maybe the US currency has become the sort of thing that is not mentioned in polite company, even among finance ministers. But a story at the Times of London suggests US Treasury Secretary Hank Paulson quashed attempts to mention the dollar in the closing statement.

"Despite widely reported pressure from some eurozone governments, led by France, for the meeting of G7 finance ministers and central bank chiefs to put a floor under the US currency, the group's concluding statement made no reference to the dollar, euro or yen," reports the Times' Gary Duncan.

he US government-despite the absurd lip service to a strong dollar- is happy to see a weaker greenback. There are only two ways America's US$200 billion current account can be decreased. First, Americans can spend less. Second, the dollar can fall, making imports more expensive in America and American exports cheaper overseas.

We expect increased volatility in the financial markets as the US dollar tests new all-time lows. Higher base and precious metals prices will be one aspect of the dollar's new lows. And a stronger Aussie dollar, favoured by carry traders, will be another

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