The Phaserl


Dollar Soars on Divergence

from Marc to Market:

The US dollar is beginning the New Year will strong gains against both major and emerging market currencies. The divergence between the US and the other high income countries has been underscored by comments from the BOJ’s Kuroda and ECB’s Draghi. The former discussed other tools that can be brought to bear to achieve the BOJ’s 2% inflation target.

The latter reiterated that the ECB was committed to adjusting the size, speed and composition of its balance sheet if needed, and he left no doubt that he thought it was needed. The risk of not fulfilling the ECB’s mandate, Draghi says is increasing.

Even though Tokyo markets were closed for the holiday still, the dollar bounced to JPY120.50. Recall that on December 30, amid year-end positioning, the dollar had slipped briefly below JPY119.00. Technically, the dollar is poised to re-challenge the JPY121.85 high set in early December.

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