Ian Stannard Quotes
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As well as hints from Asian authorities that they are going to diversify, we now have the U.S. acknowledging it. It's going to put the dollar under a bit of pressure.
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The yen has retraced some of its recent losses against the dollar, but expectations of a strong U.S. consumer confidence number are keeping the dollar broadly supported.
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They've raised their inflation and growth forecasts, which suggests that the ECB thinks the European economy is improving and requires more rate hikes. These comments have helped the euro.
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Both have the potential to provide dollar with negative surprises.
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The sentiment is turning dollar negative -- probably the biggest factor putting the dollar under pressure is the rise in oil prices and rise in gold prices.
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It's just a little bit of a correction on the yen front. The Nikkei (stock market average) was down quite sharply overnight but everything points to a stronger yen still developing.
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The outlook for interest rates is still positive. Canada's economy is still moving ahead, keeping expectations of higher rates alive.
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The message from officials is that the impact from Katrina will be limited.
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The dollar is coming under pressure across the board, following the FOMC because of the dissenter.
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Portfolio flows had been the main driving force behind dollar strength. During the summer months we see a slowdown in financial market activity, and this reduces the flows into the U.S. and hence reduces support for the dollar.
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The Fed will be pausing after raising rates in May. Sterling is going to hold up reasonably well in the near term.
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I see euro/dollar testing the $1.1870 low in the next couple of weeks as there is no easy solution to this.
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There is quite a lot of news coming out of Japan, which I think is putting the yen under some weakness.
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There is increasing scope for the dollar to come under pressure. Once again, we see structural issues starting to work against the dollar.
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Under the grand coalition agreement, some compromise will obviously have to take place for things to work.
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This adds to the impression that Asian central banks are going to be prepared to raise interest rates, and ultimately allow more strength in their currencies.
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The market is assuming that the ECB won't be hiking rates in the next couple of months. The way is open for the euro to decline further.
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Gains in commodities provided a positive backdrop for the Canadian dollar.
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The minutes are a very important event today, with any adjustment suggesting that the peak in rates is close, as we believe it is, seen putting the dollar under further pressure.
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Speculation regarding a ECB rate hike is likely to start building further, especially coming on top of the more hawkish comments we have been seeing from the ECB officials, so that will be euro supportive.
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Failure to meet market expectations here will reinforce the market perception that the peak in US rates is clear, putting the dollar under renewed pressure.
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The news from the U.S. continues to come out encouraging for the dollar.
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Men are no more immune from emotions than women; we think women are more emotional because the culture lets them give free vent to certain feelings, "feminine" ones, that is, no anger please, but it's okay to turn on the waterworks.
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This is the worst outcome possible for the euro. Not only is there no clear winner, it will be difficult for either side to form a coalition and there seems to be hostility to the idea of a grand coalition. It looks as if it could drag on for weeks if not months and that uncertainty is the worst thing for markets.