This is a dollar-positive move across the board. It puts perhaps additional interest-rate hikes on the table because the housing market is not slowing down.

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We have very good interest to sell euros above $1.1929 and very good interest to buy euros below $1.1880.

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The market has believed that next year the Fed will ease down while the ECB amps up its rate hike cycle. These comments put a little bit of a damper on that view.

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