They really have not eased monetary policy, and fiscal policy looks to be an unattractive option due to concern over the deficit. Massive public works projects have created highways to nowhere and the cementing over of the bottoms of goldfish ponds.

Andrew Chaveriat

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The euro is at a critical stage. It is trying to get back to 97 cents and then parity later this summer.

— Andrew Chaveriat

Long-term players are content to stay short the euro, and will sell into any rally attempts.

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A half-point move by the Fed would push the euro down to new lows.

— Andrew Chaveriat

The only way out for Japan is to see the yen weaken.

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The discount rate cut is really meaningless, although it sounds good.

— Andrew Chaveriat