Kamal Sharma Expecting Quotations

In December 2004, U.S. interest rates were at 2.25 per cent and people were expecting them to top out at 3.0 per cent -- the Fed hikes this year have been the catalyst for an end to the dollar's bear run.

In December 2004, US interest rates were at 2.25pc and people were expecting them to top out at 3pc - the Fed raises this year have been the catalyst for an end to the dollar's bear run.

The statement was slightly more hawkish than we were expecting but there was one vote of dissent.

The trade surplus didn't narrow as much as people had been expecting so that's going to help the yen. The data coming out of Japan is looking pretty robust. So that's going to help the yen.