The circular argument being driven by the monetary policy musical chairs continued this week after Draghi failed to “beat expectations”. This logic suggests the late week rally in the € trims Europe’s outlook for growth, necessitating further QE which in turn drives up the USD and causes the FOMC to remain “dovish”. Keeping pace with this bouncing ball causes dizziness to the market follower while North American markets just plain gave up, finishing November either side of flat, amidst an increasing number of disturbing signals.
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