For old time’s sake, folks are still watching the euro closely, but the actual price level of the currency has stopped being the subject of such fascination, and it’s not clear that global markets are trading that closely to it these days.What you should be watching is the Aussie dollar, as Australia is the ultimate swing country — huge debt and high exposure to China practically guarantees it either booms or busts.
Today markets are up, and not surprisingly the Aus side dollar is surging, confirming it’s the hottest measure of risk we have right now. Risk On.
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