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Dollar Rallies in Asia and Europe, but may Pull Back in North America
Tuesday, May 26, 2015 7:18
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marctomarket.com / by Marc Chandler / May 26, 2015
The strong upside momentum for the US dollar seen last week is carrying into today’s activity. It was firm in the holiday-thinned trading yesterday but has jumped higher today. There are two chief drivers.
First, comments by several Fed officials, including Yellen and Fischer, reiterating that the weakness in Q1 was likely transitory, and stronger growth will allow for a rate hike later this year. Fischer, who will speak on the global economy later today, framed the rate hike issue as “early and gradual or late and steep.” It seems clear from numerous speeches that at least the Fed’s leadership prefers the former over the latter.
Second, Greece’s payment to the IMF next week is in question. Of course, this is not the first time the Syriza government has suggested it would not make a debt payment, which it later made. However, given the large payments do next month, and the fact that the last payment was made by tapping an emergency fund at the IMF itself, there is a sense that the long elusive brink is near.
The post Dollar Rallies in Asia and Europe, but may Pull Back in North America appeared first on Silver For The People.
Source: http://silveristhenew.com/2015/05/26/dollar-rallies-in-asia-and-europe-but-may-pull-back-in-north-america/
