Traders are coming in every morning with a bias to sell dollars. The market expects that irrespective of the data, the Fed is going to pause after its next meeting.
More Quotes from Michael Jansen:
The key point is that the Fed has reiterated that further policy firming may be needed, although they do seem to be playing down some of the risks. The overall impact on the dollar is broadly neutral.Michael Jansen
The initial reaction has been to buy dollars, but we've just come back to where we were half an hour before the statement where the dollar was quite weak.
Michael Jansen
Building approvals are running at an annual negative pace, while house prices for the major cities declined.
Michael Jansen
The currency has been hurt by a weaker trade number and speculation of one more rate hike by the Bank of Canada. People are not looking to buy the Canadian dollar right now.
Michael Jansen
There are some pretty good underlying fundamentals of the U.S. economy. A good Philadelphia Fed number will confirm the U.S. economy is solid and boost the dollar.
Michael Jansen
We're pretty friendly towards the Canadian dollar considering the central bank will continue lifting rates.
Michael Jansen
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