Dollar view pays off for Gain Capital
Tim O'Sullivan, chief trader at the retail trading company in New York, said the dynamic that drove the dollar down in 2007 was having the reverse effect in 2008.
"In the second half of 2007, euro and sterling were benefiting from higher interest rate regimes. [But] the market is starting to focus on the idea that the Fed cutting rates is not dollar-negative anymore," he said.
On the contrary, the Federal Reserve was seen to be "reacting in a positive manner to keep equity and fixed-income
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