Everyone is sounding positive on the dollar, so you've got to wonder where new buyers will come from in the short term. The dollar may have more gains left, but by most indicators it's looking very overstretched at the moment.
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Even though risk aversion might be on the rise and could drag on the dollar slightly, there is still a very, very strong equity flow going back into the United States.Adam Myers
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The U. S. dollar is being held firm by short-term rate expectations and until there is some sign of visible weakness in the U. S. housing market or receding inflation expectations, euro-dollar will likely remain under pressure,
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Because of Katrina we will have a pause in September. The aftermath of shocks is still not appreciated and oil prices are still high. The effect is that with the background of structural problems and (losing cyclical support) the dollar is in a phase where it should weaken.
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The world is coming to a view that the Fed is going to provide more liquidity and interest rates will probably (peak) around 4 percent,
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We didn't see the big increase in Federal Reserve interest rates. I think that surprised a lot of the market.
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