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Veksler on what's pushing down the dollar
If you're a dollar bear, you could be caught out this week. That's according to Ken Veksler, Director of Accumen Management. Many Fed policy makers are expected to speak publicly over the next few days, including Chairman, Ben Bernanke. What they say, or don't say, about when QE tapering will begin will be key.
Ken says what we're seeing in the dollar index is little more than a mean reversion and the cycle is almost complete. There'll be consolidation over the next few weeks, he believes, and the index is likely to drift lower.
He also thinks if there is to be a taper then it's not going to happen until well into 2014. Janet Yellen is nominated to take over from Bernanke in February next year and he expects more of the same from her, unless she's a "political beast", which, on past performance, looks unlikely.
01:38 minutes
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