FXstreet.com (Barcelona) - Commerzbank analyst Ulrich Leuchtmann believes Fed's Fisher “hit the nail on the head” yesterday despite not being a voting member of the FOMC. His argument (alsogside with the other FOMC hawks) is that “the main problem for the US economy was the uncertainty about future tax and fiscal policy, caused by the fiscal cliff”, which cannot be effectively changed with monetary policy measures. “Their argument is so strong that an extension of the Fed’s QE3 measures before a decision on the fiscal cliff has been taken by Congress (probably just before year-end) will be difficult to implement”, wrote Leuchtmann, expecting a greenback unlikely to come under pressure on this front. It's a question of politics and pressure on the USD will only be felt through uncertainty in regard to the fiscal cliff resolution. “Longer term concerns that political disagreements might prevent a sustainable fiscal policy in the long run will put pressure on the US currency”, Leuchtmann added.