He doesn't say anything very specific about current monetary policy, ... In some ways for FX markets, which have got used to Fed speakers being relatively hawkish, this may be a little disappointing (for the dollar).
He sounded a little bit hawkish so the market's been bidding up euros.
ECB hawkish-ness will make it harder to keep the dollar where it is.
We thought the testimony was mostly in line with what people expected.
On the plus side, Duisenberg's chosen his own timing. The minus is that there's going to be a lot of speculation as to who replaces him.
On the plus side, Duisenberg's chosen his own timing, ... The minus is that there's going to be a lot of speculation as to who replaces him.
It's very unlikely that ECB policy is going to change with any of the likely successors.
This is most serious assault on the dollar since January. This feels different.
The U.S. recovery story is intact and the real side of the U.S. economy looks very positive. But you have concerns on the accounting front and they are very hard to quantify.
The interest rate advantage that the U.S. dollar had enjoyed has receded sharply over the last couple of days.
