FX Nostalgia Edition : Lest We Forget The 7 Year Itch
Each April harkens back the final days of Bear Sterns back in 2008 when the company finally crumbled and succumbed to a forced sale, negotiated by the Federal Reserve, to JP Morgan at $2 per share, a pittance compared to their 52 week high of $133 for that period. (Source : Wikipedia)
What was it like back then ?
I took some snapshots of the market prices this day 7 years back and here we go.
Foreign Exchange Rates
Not a pretty picture because only 3 currencies, excluding Gold (+31.34%), have outperformed the USD – CNY (+11.56%), CHF (+4.4%) and SGD (+1.43%).
Gold has not been the best performer, however, because we have the incredible gains on the Somali Shilling (+80%) and Palladium (+75%). Then again, we have the Somali Shilling quoted at 7.9/720.00 in the brokers, lost in its own twilight zone.
The DXY (USD) Index has gained just about 36% against its basket of EUR, JPY, GBP, CAD, SEK and CHF.