Absolute rates are still higher in Canada and it's a very strong performer when commodities are booming. It would be my pick for the currency to bet on based on higher oil prices, even more so than Norway.
More Quotes from Gavin Friend:
All the signals are pointing to a weaker dollar and today's data could precipitate more selling. There's no doubt that the Fed is close to the end.Gavin Friend
At present there is a probability of just under 70 percent of the Fed raising interest rates to 5.0 percent by May.
Gavin Friend
The U.S. labor market continues to tighten and the implication is the Fed will need to raise rates. Anything above 250,000 jobs today and the dollar will continue to push higher.
Gavin Friend
Most of us expect him to reiterate the Fed's commitment to fighting inflation and as long as he does that the dollar should hold up relatively well. This could be the trigger for the next move higher in the dollar.
Gavin Friend
Strong employment growth in connection with a further decline of unemployment rates could further strengthen (US) rate rise expectations and cause the euro to test 1.20 dollars once again.
Gavin Friend
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