What we saw in Tokyo today shows that a small consolidation in the dollar is likely because of this technical resistance.
More Quotes from Kikuko Takeda:
The Japanese yen will remain the weakest currency on the interest rate differentials. Pressure against the yen will be spreading.Kikuko Takeda
Markets are rapidly abandoning the forecast for the Fed to increase rates to 4 percent by year-end, and are instead pricing in 3.75 percent. People are worrying lofty oil prices and Hurricane Katrina might hurt the U.S. economy when weaker data continue to come out.
Kikuko Takeda
I don't think weather issues like hurricanes can breach the trading range.
Kikuko Takeda
Besides a continuous unwinding of short-yen positions, which capped the dollar's rise, last week's weak (U.S.) economic figures that led to a fall in U.S. long-term interest rates also weighed down on the currency. But basically, the market is thin due to Christmas holiday in major countries.
Kikuko Takeda
The domestic market view is that Japan's monetary policy will be unchanged at this meeting and there won't be many signals in governor Fukui's speech for foreign investors trying to find some clues.
Kikuko Takeda
The price range for the past two weeks was a bit overdone. We need a little bit of time to adjust at this level.
Kikuko Takeda
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