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“Europe’s incredible shrinking bargain: What was agreed will not help; what helps was not agreed.”
Financial Times

Is the worm turning?
US Dollar Index Daily:

Are the themes and dreams starting to change? Can we hear the grinding wheels in the engine room of conversion flow?

Emerging Thematic a simple set:

  1. US growth faster than Europe, i.e. dollar yield support may improve
  2. Finally an end in sight to QE2 and no QE3
  3. European political risk hiking up; and no real structural change to sovereign debt problem despite considerable Band-Aids and PR
  4. Politics and signs of global deceleration raw material for a rethink on Bank of England interest hike discounted into the pound
  5. Negative dollar sentiment extreme reached?

A big maybe! Price action of late at least supporting the background bad news emerging from Europe; that seems to be a change and is often the qualitative conversion flow indicator that leads the new powerful thematic—should there be one.

Stay tuned!