Markets always have a tendency to overreact when they have news.
More Quotes from Ashraf Laidi:
Today's trade figures are a stark reminder to the structural deficiencies of the U.S. economy and the reason for our negative dollar outlook for the year despite (its) recent bounce.Ashraf Laidi
After the dollar got hit most of last week following the record U.S. current account deficit, coupled with violence in Iraq and Saudi Arabia, players are now looking to partially unwind their dollar shorts and await tomorrow's ZEW (economic sentiment) survey out of Germany,
Ashraf Laidi
The report came in below the psychologically important 60 billion figure many had been expecting due to mounting oil imports.
Ashraf Laidi
(The Canadian dollar) has been a big play from overseas players, especially those who are wanting to play it against the Japanese yen to take advantage of the carry trade, which is right now beginning to overturn.
Ashraf Laidi
Given the declining trend in net foreign purchases of the past five months, we doubt whether these would be sufficient in covering the 55.8 billion trade deficit, ... In that case, markets should expect intensifying damage for the dollar.
Ashraf Laidi
Japan is really the industrialized country most heavily dependent on oil imports, ... so the most direct impact of higher oil prices is on the Japanese yen.
Ashraf Laidi
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