We think the underlying momentum in the Fed policy story warrants more explicit long dollar exposure.

It leaves the underlying momentum strong.

Our policy on the dollar is unchanged,

The markets were a little disappointed that the Fed didn't give any explicit hint that a pause is around the corner.

I think a strong dollar is the result of policies, but I don't think the strong dollar is in and of itself a policy.

Strong figures on growth and inflation will reinforce expectations of higher Fed rates, supporting the dollar. Fed policy is now more and more data dependent.