Sentiment is generally negative for the dollar even in the face of good news. The market is looking through the expected rate hikes. If you take away the interest rate support for the dollar... and the structural problem is still there, the trend for the dollar is downwards.
More Quotes from Adam Cole:
It's relatively limited at the moment, but if this does not resolve itself quickly there could be a very undesirable effect. Inflation is going to be higher than it would otherwise, against an otherwise healthy economic picture.Adam Cole
I'm a rhythm player, and once I find it, I can contribute offensively.
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This flies in the face of mounting evidence that things are looking up for Germany, so the market seems to have shrugged it off and is looking through it.
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It's notable that CAD has participated less in the gains against the U. S. dollar than most currencies have seen.
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The signal that the Fed seemed to be sending yesterday is that they don't know where rates are going beyond March, hence the references to data-watching.
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We will see a gentle upswing from here.
Adam Cole
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