Europe has double-digit unemployment and no inflation problem, ... Any European Central Bank tightening will be swamped by much more from the Fed.
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The question is, is this a turning point in the US trade deficitDavid Gilmore
The market is not focused on imbalances, but rather interest rates and in the US right now they are high and getting higher across the yield curve.
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Removing currency risk is key to getting Japanese investors to buy U.S. assets, which will help keep U.S. interest rates down.
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And slowdowns in the U.S. economy and the Asian regional economies, along with high oil prices, raise questions about fourth-quarter growth in Japan. Private demand is weak by any measure. Japanese exporters are complaining about the weak euro, and exports are beginning to slow.
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Japanese individual investors continue to shun risk, and the notion of putting money into foreign assets is repugnant.
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The chart of oil priced in euros is not a pretty picture.
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