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Forex pairs in this Article » EUR/USD, USD/JPY (Córdoba) - January marks the beginning of the Fed's tapering, though it has not translated into a major trend change for the dollar, commented the BBH analyst team.

Key quotes

"The dollar continues to be generally firm against most of the majors, but the euro (and Swiss franc) and sterling".

"The long-end of the Treasury curve has firmed but the short-end remains anchored in what appears to be the opposite of Operation Twist".

"We find dollar-yen to be more sensitive to long-term interest rate differentials, but that the euro-dollar rate is more sensitive to shorter-term differentials".
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