Stephen Jen
Stephen Jen
boat hole seems small though tied
The U.K. is a small boat with a big hole in it, but it's tied to a big ship, that being Europe. Even though it seems like it should sink, it just won't go down.
balance capital exchange rate
It's all a very incremental process. They want to rebalance the capital inflows and outflows. Without a balance in flows, you wouldn't want to let the exchange rate find its own place.
beginning doubt strongly wholesale
I strongly doubt that this will be the beginning of wholesale diversification from U.S. dollars.
beginning believe euro financial game
This could be the beginning of an interesting game between the ECB and the financial markets. If they believe the ECB has miscalculated they will take on the euro like never before.