Will the market push on for $1.05 this year and $1.10 by this time next year? We definitely believe that it will be the latter.
The focus next year will again be on the Fed -- we expect Fed funds to go up to 5 per cent, higher than levels priced into the markets.
I'm still skeptical whether we will see a hike from the ECB this year. The fact the ECB won't deliver on rate hikes this year will probably pull the euro back.