Given the rhetoric we've seen from the government today, the pressure, beyond moving away from quantitative easing will be very, very much on the BOJ to maintain a zero interest rate structure.
More Quotes from Derek Halpenny:
We could argue possibly that we've seen a little bit of stability since we've had the interest rate cut out of the way. Certainly the market is not as convinced over the need for further substantial monetary tightening in the UK.Derek Halpenny
There has been a shift this week towards expectations of another U.S. interest rate rise in March -- the interest rate differential is there and it is helping the dollar.
Derek Halpenny
The market has already come to the conclusion that the medium-term impact of Katrina will be negligible if not net positive, therefore weak figures in the near term won't have any bearing. The market is now looking for a Fed move next week.
Derek Halpenny
His number one objective will be to stress continuity. Continuity means more interest rate increases, so that means the dollar can keep going up.
Derek Halpenny
Following previous moves by the Federal Reserve, the market pretty much immediately looked ahead and had a confident view on the interest-rate outlook for the next two meetings. That's been a supportive factor for the dollar. Now it seems to be different.
Derek Halpenny
The dollar remains underpinned against both the euro and the yen ahead of the key employment report from the US.
Derek Halpenny
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