We set a new high [in euro/dollar] on Friday and the market is a bit exhausted and overdone.

We have to wait and see how this storm develops, going into Texas. We don’t have a sense of panic in the market yet.

If Greenspan signals more of a turning point in the U.S. rate cycle, that could be positive for the dollar, but we don’t expect that in the near term.

The market was impressed by the ISM but how long will it last is the question. A lot of Japanese exporters were happy to see levels they did not expect so they could sell their...

We don’t have a sense of panic in the market yet.

The euro was well supported after IFO. We believe it can go up higher but prefer to buy it on dips. I expect euro/dollar to test the next resistance of $1.2323 today.