But then the decline in home sales is more interesting. Not from a data point of view, but the point is, it reflects a greater trend. I think this is going to be more of a focus for 2006.

There does seem to be a bit of complacency in the market ... but maybe that's because these developments are expected to be temporary.

I think this is a dollar-supportive (report) ... regardless of the headline (non-farm payrolls) number.

There is good reason for oil remaining positive for the Canadian dollar, if you look at what's going on in Iran. The Canadian dollar should be well supported.

I think based on the data we got this morning, the Fed hikes are priced in for the moment. And that's not really a positive signal for the dollar.

The market expects the Fed to extend rate hikes.

It looks like we have a fairly robust employment market. The Fed has a couple of more rate hikes to do. There could be some support for the dollar.

Robust domestic demand and a gradual move toward non-zero rates are likely to support the yen. We foresee the end of zero rates before the end of the year.

It looks like the market doesn't have a strong conviction about the dollar for the moment.