Daragh Maher
Daragh Maher
boost china yuan
The yen also got a boost from the China story because the yen is a yuan proxy.
euro finance france higher ministers pressure push raise reluctance riots zone
There is a reluctance to push the euro/dollar higher because of riots in France and pressure from euro zone finance ministers not to raise rates.
comments commitment keeping mistake period prolonged rates recent rise unchanged
In the end, rates are set to rise and it would be a mistake to see recent comments as a commitment to keeping rates unchanged for a prolonged period -- low, yes, but not unchanged.
activity central close content continue division economic environment expected forecast inflation majority overlook rather report target tone tracking within
Certainly, the tone of the Inflation Report did not hint at such a pronounced division within the central bank, but rather one where the majority is content to overlook shortfalls in economic activity in an environment where inflation is tracking close to target and expected to continue doing so over the forecast horizon.
script
I don't see (Snow) deviating from the same script at all this week.
creeps favor interest market rates structural time
Structural nervousness creeps into the market from time to time but interest rates still favor the dollar.
aspect data failed generally impetus market provide reaction released strong surprises today upside
The interesting aspect of the market reaction to the generally strong data released today is that the upside surprises have failed to provide any upward impetus to the dollar.
chance december greater language market promising rate seize
The language from the ECB suggests they are not promising to do anything but they are not promising not to do anything either. The market will seize on anything that suggests a greater chance of a December rate hike.
although below forecasts growth inflation magnitude rate seen somewhat sufficient
Although growth and inflation have tracked somewhat below the forecasts made in the (November) Inflation Report, the magnitude has not been seen as sufficient to warrant a fine-tuning on the rate front.
above euro european market push reluctant seen slowly
The market was reluctant to push the euro above $1.2150 and we've seen it slowly come down from there during European trading.
account change current data deficit dollar dollars drifting sell surprise underlying
The dollar is drifting downwards. There is an inclination to sell dollars -- the current account deficit is the underlying concern. We need to see a big upward surprise in U.S. data to change the sentiment.
clear happen none questions raised vote
It's not clear what will happen to Europe. A lot of questions have been raised by this vote and none of this is immediately positive.