With the market now anticipating a pause in monetary tightening on behalf of the Fed ... the dollar is having trouble maintaining its value against the majors. Any disappointments in next week's U.S. data could well feed into the emerging bearish dollar sentiment.
More Quotes from Michael Woolfolk:
The CDU and Social Democrats really have very different views on social models, spending and economic reforms, and its very doubtful they will make much headway in the near term. The euro is out of favor right now.Michael Woolfolk
The monthly GDP report fed into underlying CAD strength. With political risk subsiding, rising interest rates and fundamental economic strength are prompting CAD buying, which is expected to continue through year-end as USDCAD heads for the 1.10 mark.
Michael Woolfolk
There was yen strength on the anticipation the Bank of Japan could be changing its monetary policy. Those expectations have been curbed.
Michael Woolfolk
Were this trend in new home sales to continue, the Fed will be less likely to increase interest rates, which would be a dollar negative.
Michael Woolfolk
This report is nothing short of remarkable. The formula for a strong dollar is strong growth, tight monetary policy and loose fiscal policy. The U.S. happens to have all three. Private investors are comfortable investing in a country like the U.S.
Michael Woolfolk
The market is happy with the number as it shows strength in Canada's economic growth. Investors are willing to buy the Canadian dollar.
Michael Woolfolk
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