Steven Englander
Steven Englander
line mostly people testimony
We thought the testimony was mostly in line with what people expected.
below broke caught couple covering dollar euro happening market people side signal weeks wrong
What's happening with the dollar has little to do with the data. A lot of people were just caught on the wrong side when the euro broke below $1.2250. That had been the real signal for a lot of people in the market a couple of weeks ago, so now people are just covering their stops.
chosen minus plus
On the plus side, Duisenberg's chosen his own timing. The minus is that there's going to be a lot of speculation as to who replaces him.
chosen minus plus
On the plus side, Duisenberg's chosen his own timing, ... The minus is that there's going to be a lot of speculation as to who replaces him.
bit june leaning markets move
Markets had already pretty much priced in (hikes in) June and September. He's sounding hawkish, but the market was already leaning that way anyway. So we're getting a bit of a move here, but nothing major.
couple last market sentiment shifting
Market sentiment has been shifting in the dollar-negative way for the last couple days.
dollar fed hike
If the Fed indicates another hike is not set in stone, we'd probably see some dollar weakness.
current fed monetary relatively speakers specific ways
He doesn't say anything very specific about current monetary policy, ... In some ways for FX markets, which have got used to Fed speakers being relatively hawkish, this may be a little disappointing (for the dollar).
community enforce expectation force hold police sort standard
The police force isn't big enough to enforce that sort of thing. This is where community expectation and standard will have to hold sway.
bit
He sounded a little bit hawkish so the market's been bidding up euros.
advantage couple dollar enjoyed interest last rate
The interest rate advantage that the U.S. dollar had enjoyed has receded sharply over the last couple of days.
continues labor market suggest
At the end of the day, it continues to suggest that the U.S. labor market is firm.
change policy unlikely
It's very unlikely that ECB policy is going to change with any of the likely successors.
number risk terrible
There's a risk you get a terrible number and there's no liquidity in the market,