This, coupled with shocking devastation in the Southern US states from Hurricane Katrina, dealt a heavy blow to the dollar, which surrendered all of this week's gains against European currencies.
More Quotes from Shahab Jalinoos:
There's no clear picture of who's going to take the lead and therefore it's hard to see how we're going to get economic reform. The market is going to react negatively.Shahab Jalinoos
We need to keep an eye on Japan's trade number. Also, the country's monetary policy is very loose, pointing toward a weaker yen.
Shahab Jalinoos
It will be seen as a green light for further currency strength.
Shahab Jalinoos
Iraq is off the agenda for the time being. The main thing today, with the market focused on fundamentals, is the data coming out of the U.S..
Shahab Jalinoos
By maintaining an accommodative monetary policy, the CBC (Central Bank of China) has been raising interest rates at a very modest pace, indeed, the slowest among all Asian central banks.
Shahab Jalinoos
It makes sense to stay short on dollaryen and dollarAsia generally going into that meeting just because it's very clear policy makers may now be coming round to the view that the next major foreign exchange realignment has to be from Asia.
Shahab Jalinoos
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A man's measure is his will.
Ali ibn Abi Talib