The Australian dollar has moved up against all other currencies quite sharply. The market has been wrong-footed by the Australian dollar, as has happened on several occasions this year. You get a few strong numbers in Australia and the market has to turn around again.
More Quotes from Greg Gibbs:
Much of this liquidity appears to be coming from China and increasingly Japan where investment trust growth is supplying significant volumes to foreign bonds with little regard to the rising global imbalances that policy makers frequently flag as a risk to the global economy.Greg Gibbs
The hopes were not high for a clear winner based on polls last week, but the poor showing of the CDU suggests the German people were against further pro-business reforms.
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The Fed is probably going to hold to see how the economy plays out. There's even some concern the U.S. economy had already started to slow down before the hurricane. If that's the case, it's quite bearish for the dollar.
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The currency and rate futures markets are pricing in a rate hike by year-end and two by the middle of next year and this is why the euro has strengthened, especially against the yen,
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The market has been trading on the hurricane news.
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A lot of the good news is already priced into the Canadian dollar. It's possible before the year is out that the hurricane season will be over, the Federal Reserve will still be hiking rates, and oil prices will come off, helping take some of the juice out of the Canadian dollar.
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