He also suggested the weakness in the data is temporary. If he proves to be wrong and the data continues to come in soft, then that will be very negative for the dollar.
More Quotes from Carsten Fritsch:
We would need a very bad trade number to hurt the dollar against the euro, given positive dollar sentiment at the moment.Carsten Fritsch
People are unwinding short yen positions ahead of the BOJ meeting. Some market participants are speculating on what kind of the language and economic assessment would come out of the meeting.
Carsten Fritsch
It's likely to be another difficult year for the rand. As the yield gap narrows, that will make it more difficult for South Africa to attract the investment it needs.
Carsten Fritsch
After the trade deficit data in 9 out of 11 occasions the dollar went up. We need extremely bad numbers to put pressure on the dollar.
Carsten Fritsch
After we failed to break the year's lows against the euro, people decided to take some money off the table. Hedge funds are among those selling the dollar, and they're causing this sharp move upward.
Carsten Fritsch
People have got high hopes for this number, to justify some of the bigger expectations for Fed rate increases we've seen develop this week. No one's going to want to put on big bets before the report though.
Carsten Fritsch
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