27 Quotes by Derek Halpenny

A banking crisis is a more realistic view than at any time in the last few years.

A consensus reading is not going to continue to support the dollar.

Following previous moves by the Federal Reserve, the market pretty much immediately looked ahead and had a confident view on the interest-rate outlook for the next two meetings. That's been a supportive factor for the dollar. Now it seems to be different.

The consensus is that we are definitely going to war and it's probably two to three weeks away, no more than that. We can take it as a given that the Bank of Japan is in the market at or around 117, so that the low we have tested in the past at 116.80 remains intact.

The dollar remains underpinned against both the euro and the yen ahead of the key employment report from the US.

The dollar remains in recovery mode after last week's sharp sell-off.

The dollar has depreciated sharply against the euro and more modestly against the yen with dollar sentiment deteriorating as fears increase over the outlook for the US economy.

The market has already come to the conclusion that the medium-term impact of Katrina will be negligible if not net positive, therefore weak figures in the near term won't have any bearing. The market is now looking for a Fed move next week.

The market is now beginning to look beyond the potential first step in terms of a shift from quantitative easing to interest rate targeting.