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.
More Quotes from Simon Derrick:
The market will therefore be eyeing today's ISM report and Friday's University of Michigan survey with this in mind.Simon Derrick
The key thing that's going on is about interest rates. It's still an interest-rate trade.
Simon Derrick
If you assume that the markets are effectively pricing in 2.75 percent rates by the end of the third quarter and have been doing that really since the end of last year, there is nothing that they are hearing from ECB members is really altering that perception.
Simon Derrick
The big support that Fed rate increases had been giving the dollar is starting to wane and the minutes made that clear.
Simon Derrick
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.
Simon Derrick
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