Dave Gilmore
Dave Gilmore
David Jon Gilmour, CBEis an English singer, songwriter, composer, multi-instrumentalist, and record producer. He joined the progressive rock band Pink Floyd as guitarist and co-lead vocalist in 1968, effectively as a replacement for founder Syd Barrett, who left the band shortly afterwards...
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The dollar will trade with a downward bias. The market is pricing in an ECB rate hike Thursday and strong GDP report Friday.
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So in the background, too, is the notion that if there is any move to sell the dollar, there will be central bank intervention.
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The U.S. economy is firing on all cylinders, and the moves can't be matched by the European Central Bank.
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There's increasing doubts (about a BOJ rate boost) due to developments in the stock market and the Sogo bankruptcy.
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Call it counter-deflationary action. Call it an anti-double-dip dose. Call it a pro-asset-price-prop. Call it a consumer caress. One thing for sure is the Fed is running out of reasons for simply holding policy steady at already historically low rates.
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If bond yields keep rising which I think they will, then not even stocks are safe from a welcome decline in energy prices. In this case lower energy prices could prove to be a Trojan horse unleashing a problematic rise in market rates.
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What is helping the dollar is the moral persuasion of the central banks. There's been contact between the European Central Bank and national central banks that make up the ECB urging calm, urging a block on any kind of speculative trading. The Federal Reserve has also weighted in and asked that dollar trading be limited. I think that will support the currency.