Marc Chandler appears on CNBC’s Squawk Box to talk about currency and the Fed, arguing:
“When it comes to the dollar we’re in a consolidative phase, and it will persist. The next big event is going to the Federal Reserve meeting at the end of the month … shortly after we learn that the economy grew by less than 1% in the second quarter. … It’s all about Bernanke … Most recently we’re emphasizing the conditionality; that is, he’e saying that he doesn’t want to taper unless the economy improves. And our judgment is the economy isn’t going to improve sufficiently by the September meeting to allow the Federal Reserve to announce a taper.”
This piece is cross-posted from Marc to Market with permission.