U.S. economic growth is looking very robust and we shouldn't be assuming the Fed is close to the peak in interest rates yet. The dollar can push higher.
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From what I am reading and seeing I think country risks have been sacrificed in the search for yields.Simon Derrick
The market will therefore be eyeing today's ISM report and Friday's University of Michigan survey with this in mind.
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Bush will continue to keep the pressure up but China isn't going to bow to political pressure. People are paying attention to this, but it's not moving the currency markets and China's unlikely to move again anytime soon.
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Even a hint that the Bank of Japan may be getting near to ending its quantitative easing, and raising rates, is going to lead to large moves in the yen. People have been so positioned for it to go down.
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The big support that Fed rate increases had been giving the dollar is starting to wane and the minutes made that clear.
Simon Derrick
The key thing that's going on is about interest rates. It's still an interest-rate trade.
Simon Derrick
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