It's not clear how China will deliver further currency flexibility but certainly the pace of appreciation of the Chinese currency has picked up.
More Quotes from Neil MacKinnon:
We've had a dollar sell-off in the latter half last week and a little bit of profit taking in late London trading.Neil MacKinnon
The initial reaction was to sell the dollar, presumably in the notion that the core rates don't warrant aggressive action from the Fed.
Neil MacKinnon
As far as the European Central Bank is concerned, they remain inflexible. Recent inflation numbers suggest that there's been some rounding up of prices as a result of the introduction of the euro. That means that the room to maneuver cutting interest rates is limited. That's a negative for the currency. There's also political risk from French and German elections this year,
Neil MacKinnon
The dollar is going to prove resilient, and we could see further gains. Higher rates have supported the dollar all year, and with more work to do by the Fed, I can't see that changing.
Neil MacKinnon
The market is having a re-think about the Fed's intention on interest rates.
Neil MacKinnon
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