This should help the greenback continue the rally experienced over the last few weeks and leave the market focusing on further dollar gains related to a potential move of the fed funds rate to 5.00 percent.
More Quotes from David Powell:
Canada's trade balance tends to attract less attention given that it's in pretty healthy shape. But going into the (U. S.) trade balance, I imagine the market is positioned short dollars because it's forecast to widen. Risks are skewed towards a larger deficit.David Powell
Marcus came in and made some big-time throws for us at the right time,
David Powell
The U.K. is an eye-grabber. These are petrodollars coming from the OPEC countries through intermediaries in London. Petrodollars continue to be very sensitive to interest rate differentials.
David Powell
We saw consolidation of the gains in the Canadian dollar from last Friday.
David Powell
My feeling is that while there may be a mention of (a stronger Canadian dollar), it's not going to be a focal point of the statement because they are less concerned now about Canadian dollar appreciation than they were a year ago. The economy has had time to adjust and get used to a stronger Canadian dollar.
David Powell
It really got attention in Asia... as a result the dollar has pretty much sold off across the board. We can attribute this dollarCad movement to across-the-board dollar weakness to the Greg Ip article.
David Powell
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