The market is now beginning to look beyond the potential first step in terms of a shift from quantitative easing to interest rate targeting.
More Quotes from 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
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
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
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.
Derek Halpenny
The dollar remains underpinned against both the euro and the yen ahead of the key employment report from the US.
Derek Halpenny
There is no more obvious way to play interest rate differentials than buying dollaryen.
Derek Halpenny
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