Calyon picks rates as dollar driver
CURRENCY FORECASTS
Daragh Maher, senior FX strategist at Calyon in London, said while the deficit was the only driver for FX in 2004, it would have less impact this year as interest rate considerations have become paramount. "Our outlook on US activity for 2005 was in stark contrast to the outlook for both the eurozone and the UK," he told FX Week. "It helped foster our bullish forecast on the dollar, which has fared well so far in 2005."
"However, we were careful not to assume that the current fixation with rate
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