Currency strategist: QE3 will only weaken dollar

Talking to Kathleen Walker of Newsmax.TV, currency strategist Ed Moya of Trading Advantage has asserted that outside of weakening the dollar, QE3 will do little.

Despite flooding the U.S. economy with $40 billion per month – on an ongiong and indefinite basis – Moya says of the third round of quantitative easing, “We’re ultimately going to see that it’s not going to be as effective as the first two and, ultimately, it’s just going to devalue the dollar.”

As a result of this influx of cash, and increased inflation that’s sure to follow, Moya sees an upside in hard assets, especially oil and gold. But as far as seeing the U.S. economy as a whole being positively impacted? Don’t bet on it, says Moya. First Washington D.C. has some housecleaning to do: “Until we have D.C. straightened out, until we have the fiscal cliff addressed — that’s going to be the key issue for job growth.”

Watch Moya’s full interview with Kathleen Walker:

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