Lee Hardman - The Bank of Tokyo-Mitsubishi UFJ


Last quote by Lee Hardman

(That fall) should help to dampen the scope for the U.S. dollar to weaken further in the near-term which would also require building concerns over the health of the U.S. economy. Technically, the dollar index has fallen back to within the consolidation range. A break below the bottom of that range would be a far more significant long-term bearish technical development (and) remains unlikely in the near-term.feedback
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May 22 2017 Trump Presidency
Lee Hardman has been quoted 22 times. The one recent article where Lee Hardman has been quoted is CORRECTED-FOREX-Dollar slips as North Korea fires missile ahead of Trump-Xi meeting | Reuters. Most recently, Lee Hardman was quoted as having said, β€œIt's a bit of a mixed picture. Some downside risk (for the dollar) on the upcoming meeting between Chinese president Xi Jinping and Trump ... but to be honest, so far it's been the case that his (Trump's) rhetoric is a lot worse than his policy actions.”.
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Lee Hardman quotes

Sharply higher US yields are providing an initial boost for USD/JPY while concerns over more protectionist US trade policies which would favour a stronger yen are judged as less important for now.feedback

It certainly looks like they (BoE policymakers) are becoming more concerned about the impact of sterling's weakness on the outlook for inflation. They have even signalled that they could raise rates even if that is not the core scenario. Relative to the previous meetings, the change is really noticeable. I was expecting them to place more emphasis on the weaker medium term outlook.feedback

The likelihood of Donald Trump becoming president has nose-dived recently to as low as a one in eight probability ... (and) last night's debate has not provided that game-changing moment. The reduction in the political risk premium has helped the U.S. dollar to strengthen broadly this month.feedback

It has resulted in the Mexican peso rebounding further overnight.feedback

That supports our view that the yen should trade on a stronger footing after the meeting. The lack of strong expectations for a rise in U.S. rates obviously plays into that as well.feedback

The dollar has just been trading on the back foot really. The market is generally of the view that the Fed isn't going to raise rates any time soon. That leaves the dollar vulnerable in the near term.feedback

We are skeptical that Japan is close to intervening directly to weaken the yen, and even if intervention was undertaken it is likely to offer only temporary relief.feedback

We are not yet convinced that the yen will continue to weaken in the near-term.feedback

Ultimately, the dollar is still likely to trade on a weaker footing.feedback

The pound is rebounding after being beaten so badly in the first couple of weeks of this year. The retail sales data doesn't change a great deal. The big picture is still that personal consumption in the UK is still the strongest part of the economy.feedback

The Fed clearly signalled overnight that although it is not imminent, they are increasingly confident they will start raising rates next year.feedback

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