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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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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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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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 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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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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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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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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The dollar is coming under pressure across the board, following the FOMC because of the dissenter.
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The message from officials is that the impact from Katrina will be limited.
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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 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.
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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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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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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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The news from the U.S. continues to come out encouraging for the 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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If the minutes are in a similar tone to that of the FOMC statement, then the dollar should stay supported rather than gain significantly.
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The reform mandate is probably not going to be as strong as it would have been under an outright victory by Merkel.
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Gains in commodities provided a positive backdrop for the Canadian dollar.
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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.