People would start to worry about growth, and given the fact that the market is already looking for the Fed to end its rate increases this could be a dollar negative. No one would expect central banks to be raising rates in an environment where energy costs are going up sharply.
On the U.S. data front we did not get very reassuring numbers. To confirm market expectations in respect of Federal Reserve tightening this year, we need significantly stronger numbers.
The theme in the market remains interest rate differentials, it's not surprising to see the dollar come under some pressure.
In the euro zone numbers have been better than expected. In respect to the second half of the year the market is too cautious on the ECB and future rate hikes.
In the euro zone numbers have been better than expected. In respect to second half of the year the market is too cautious on the ECB and future rate hikes.