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Hardy: What now for the US dollar?
What next for the US dollar now that politicians in Washington have agreed a deal over the US budget? Saxo's John Hardy says the next few weeks are likely to be difficult. We're already seeing the greenback weaken against a range of major currencies and that's likely to continue in the short term, he says. That's because there is still a great deal of uncertainty because the agreement is only temporary. And it's not clear how this will affect the Federal Reserve's attempts to start tapering its bond buying programme.
That said, John doesn't believe we're about to see a new trend developing as far as the dollar's concerned. He says there will be support over the coming weeks. A lot depends on what the European Central Bank does in its meeting in November for instance. For now, the markets are trying to digest all the implications of the news from Washington and a clearer picture should emerge over the next few days.
01:41 minutes
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