There's a sense of uncertainty in the market about the outlook of both the U.S. economy and interest rates.

The market is losing reasons to buy the dollar. The end of an interest-rate-driven market may be drawing near.

The economy could slow down, and there is still uncertainty about interest rates.

While there is uncertainty about the economy at present we still expect the next move in interest rates will be down and that this is likely early in 2006. But while the market responded quite swiftly to the rate cut in August, we do not expect a cut to cause annual house price inflation to accelerate back up to levels seen in early 2005.

The focus is on the jobs data. The market is having second thoughts about its previous consensus that the tightening campaign is soon to end.

Ahead of the Fed meeting, you can't expand your positions aggressively.