Katrina's effect was far less destructive than initially feared. The true extent of the damage, however, may not be known until next month when the Labor Department will make adjustments to this preliminary reading,
More Quotes from Boris Schlossberg:
The market is likely to go into a pre-jobs stall, from here on. If payrolls don't perform as the market expects, the euro could gain even further as that would put enormous pressure on the Federal Reserve to stop raising interest rates sooner than expected.Boris Schlossberg
Focus will soon turn to Monday's TICs report on foreign capital flows which could show the third consecutive month of foreign capital flows failing to offset the trade deficit gap.
Boris Schlossberg
The euro has been the victim of an ever widening interest-rate differential to the dollar, a dynamic that has hurt the currency over the past six months as the carry spread now stands at 175 basis points against it.
Boris Schlossberg
If the data starts to taper off, the market will begin to handicap a 5 percent top in interest rates. That would weigh heavily on the dollar.
Boris Schlossberg
All these structural issues that dogged the dollar in 2004 could very well be reawakened by this news. The tone will be clearly dollar negative.
Boris Schlossberg
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