The difficulty with determining the direction of a new quarter

The euro is suffering more than anyone else, as the market has ceased to strive tirelessly to sell the dollar. If you look rationally, there are many fundamental reasons that could explain such a movement, such as the fateful comment Nobel Prize for Economics Stiglitz at the weekend about the long-term sustainability of the single currency.


Nevertheless, there were many bearish stories on the euro and during the rally over the past four weeks, but it just so happened that the dynamics of the weakening dollar and the Asian balance of payments accounts prevailed. Now, it seems the markets a bit puzzled. Consequences and the choice of assets in the first round of quantitative easing have been fairly obvious. At this time (if there) the consequences would be less predictable, and in the fourth quarter, it seems, the markets are not sure whether to put the Rally for risky assets, or does not take risks.

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