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.
More Quotes from Richard Franulovich:
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).Richard Franulovich
The dollar's initial reaction was fairly muted, given the size of the negative surprise, but it is ahead of the payrolls report and also because one week's data does not make a trend,
Richard Franulovich
It's not a big surprise. A lot of the things we were looking at such as lower oil prices and higher Boeing deliveries have all conspired to make it a better number.
Richard Franulovich
It's a neutral to a decent number. I don't think this number adds to the argument that the Fed is stopping (rate rises) at 4.5 percent.
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
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