It's still the aftermath of the jobs data, which came as a bit of a shock. For the dollar, now the focus is on wage inflation and inflation in general.
More Quotes from Michael Klawitter:
People are not yet factoring in a high probability of a military strike and that's rather surprising. We should be preparing for oil prices to spike quite a lot higher, even 100 a barrel is not out of the question, and that could have a big impact on currencies.Michael Klawitter
Clearly you can speculate that 4.75 percent is not the end of Federal Reserve tightening and there is a good argument now that they go to five percent. People don't want to be dollar short at the moment.
Michael Klawitter
The theme in the market remains interest rate differentials, it's not surprising to see the dollar come under some pressure.
Michael Klawitter
People would start to worry about growth, and given the fact that the market is already looking for the Fed to end its rate increases this could be a dollar negative. No one would expect central banks to be raising rates in an environment where energy costs are going up sharply.
Michael Klawitter
The growing tension with Iran is likely to be dollar negative news.
Michael Klawitter
In the euro zone numbers have been better than expected. In respect to the second half of the year the market is too cautious on the ECB and future rate hikes.
Michael Klawitter
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