Since the election was called the yen has performed pretty well and it may well be the case that people are reluctant to chase it higher.

They are situated in Europe, but the majority of their business is in dollars.

The North Korea news is also likely to be positive for the dollar.

It's all very well releasing a little bit of extra oil, but the other problem is logistics with refining. Refining capacity is under serious pressure in the South of the U.S., and extra supply isn't going to alleviate the refinery shortage.

Confidence in the housing market helps consumer spending. That'll be supportive for sterling and it's not going to play too well with the shorter end of the gilt curve.

We've seen a very good run in the dollar but it's been the case in the past few weeks that it hasn't been able to make much momentum on the back of what's been pretty good economic data.

The market got ambitious in what they were expecting from the Fed. The fact that the statement mentioned energy costs having some impact on consumer spending led some to be a bit cautious on the future growth outlook.

The Japanese are clearly pretty happy with the level of the yen. There's quite a long way for the yen to go before officials will become concerned.

Cable (sterling/dollar) could go lower in the first half of the year as we think the Fed will continue to hike rates, but in the second half we might see a recovery in sterling.