In so far as this is already discounted by the interest rate futures markets, it is also priced into the euro and we're basically back to square one, where we started the year -- two more hikes here (in the United States), and two more in the euro (zone).
More Quotes from Richard Franulovich:
The West Coast Port data suggest underlying trade volumes will provide a decent offsetting boost to the U.S. trade picture, with...U.S. exports outperforming in December.Richard Franulovich
This should improve dollar sentiment ... as it alleviates a lot of the structural concerns about the dollar.
Richard Franulovich
There's some definite independent strength in the Australian dollar, aided by gold and commodities.
Richard Franulovich
For a number of years now in a big picture sense, price action in Aussie seems to lead global growth. There is something like a 12 - 18 month lag.
Richard Franulovich
It is a commodities story in so far as commodity demand is driven by global growth and currencies like the Australian, New Zealand and Canadian dollars should see their exports turn pretty quickly when global demand turns around.
Richard Franulovich
When you have a catalyst like today, the recovery tends to be much quicker and sharper than the decline because people are getting stopped out.
Richard Franulovich
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