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Dollar Bounces Back
Some profit-taking in the middle of last week pushed the dollar lower and gave rise in some quarters that the run was over. However, the greenback has come back the bid. It is gaining against all the major currencies today and most of the emerging market currencies. Much of the coverage attributes the gains to comments by the Philadelphia Fed President Harker. He joined the chorus of officials who have refused to rule out a March hike. Yet the market is not biting. The Fed funds have been averaging 66 bp. The March contract implies 69.5 bp, and the April contract implies 71.5 bp. Our work suggests this is consistent ... (full story)
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