I think there is absolutely no point in trying to predict short-term currency movements. Statistically, it's about the closest thing to a random walk that exists. But when you've seen a steady appreciation over a five-year period, I think it recognizes the structural differences that have emerged between how well we have managed our economy and how badly I think the Americans have managed aspects of theirs.
On November 22nd, 2007. See this statement in context.