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The Euro is circling the drain
Instead of a major roadblock, the ECB was a significant catalyst for the US dollar. And it is tough to argue against the intensity of the EUR downside move as the ECB didn’t just disappoint to the dovish side they were overtly dovish pushing back rate hike expectation well into 2019 while revising down their growth outlook. Draghi not only laid it on thick but he applied several layers of heavy-handed coats to his dovish guidance. The signals from the FOMC and ECB couldn’t be more different. The Fed, barring any unexpected financial market calamity, is primed to raise interest rate every quarter while the ECB ... (full story)