The markets would like to see some statement that the G7 are quite happy with the dollar-yen rate and if it stays at 120 yen they will be delirious,

The issue is will [Greenspan] have a more hawkish stance than he has (had) before. I think he will because I think that's what the Fed started to do with changing the statement,

People still see the likelihood of a rate cut this year and certainly not an increase in rates. Sterling is showing some weakness.

People have reacted to the idea that the Fed may not do anymore after the next move -- its possible they may be right but to justify further weakness we may need to see more evidence of the U.S. economy weakening and I don't think that will be in the employment report.

[However, some economists warn about interpretation of the OECD's signals.] While their analysis is seen as proper, it is also somewhat out of date, ... If it was up to date it would be taken more seriously.

While their analysis is seen as proper, it is also somewhat out of date. If it was up to date it would be taken more seriously.