Forex View: Market Mood Stays High on Dollar

"The sentence [on China] was brief, and to me it shows the focus has shifted for G-7 away from currencies in general and on the renmimbi [China currency] in particular, and towards oil, protectionism, inflation and debt relief," he said. "It was a very balanced statement." "...

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Bibliographic Details
Published inThe Wall Street journal. Eastern edition
Main Author Katie Martin and Azam Ahmed
Format Newspaper Article
LanguageEnglish
Published New York, N.Y Dow Jones & Company Inc 05.12.2005
EditionEastern edition
Subjects
American dollar
Canadian dollar
Currency
Foreign exchange money reports
Yen
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Summary:"The sentence [on China] was brief, and to me it shows the focus has shifted for G-7 away from currencies in general and on the renmimbi [China currency] in particular, and towards oil, protectionism, inflation and debt relief," he said. "It was a very balanced statement." "In the short term, I think there's a good chance the dollar will strengthen," he said. "It's mainly a momentum issue and there's very little to indicate it will stop." Meanwhile, this week's data seem likely to point to continued robust U.S. growth. Today, the Institute for Supply Management's November nonmanufacturing index is expected to drop to 59.0 from 60.0 in October. Tomorrow, October U.S. factory orders are expected to be up 2.0% after a 1.7% decline in September, while the University of Michigan's November consumer sentiment on Friday is expected to rise to 84.0 from its final October reading of 74.2. Also on Friday, wholesale inventories are seen up 3.0% in October.
ISSN:0099-9660