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The market has decided that the slight increase in "degrees" in the last accompanying statement of the Federal Open Market Committee is not sufficient to support the growth of the dollar. Bulls on the dollar decided it had enough, and have closed long positions in USD and the break of 1.1000 in EUR/USD was short-lived.
It is easier to squeeze water from a stone, than achieve by the Fed raising expectations. But the dollar is not that important event, but rather just a factor that threatens him sluggish consolidation until the end of the summer, of course, if the Bank of Japan did not delight us with something new.
As a result of a reversal USD came under pressure again, although yesterday's dynamics could signal a possible continuation of the summer blues in August. Recently it is written a lot about the importance of growth in USD Libor - is an important factor, but so far it had no effect on the dynamics of the dollar.
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