I think we've seen a little bit of a Canadian dollar rally on some of the crosses, so that's been a benefit, and there's been some corporate interest to sell the U.S. dollar (versus Canada) in a fairly thin market.
More Quotes from George Davis:
Since Friday, we've seen the Canadian dollar do very well against the crosses, particularly against the euro and the sterling. That seems to be driving most of the Canadian dollar gains right now.George Davis
On balance, they were hawkish comments that basically indicate that there's more rate hikes to come, ... We saw the market basically turn into net buyers after that.
George Davis
The bigger issue is not what will happen today, as everyone expects a quarter-point rate hike, but more important will be the accompanying statement to see what a post-Greenspan Fed will look like. It's fairly quiet right now.
George Davis
It introduces a little more uncertainty into the marketplace in the sense that most people were expecting some sort of action by the end of December at the latest.
George Davis
And as result of that, we're seeing more people exit long U.S. dollar positions that had been built up during 2005.
George Davis
Over the last couple of days we've tried to break past C1.1650 (85.83 U.S. cents) and we really haven't been able to do it, and I think what we're starting to see now is some profit-taking, not only on dollarCanada positions, but on cross positions.
George Davis
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