While  markets  digest  the  impact of the ECB's surprising, but apparently
credibility  damaging  interest rate cut on both European asset markets and
the  euro,  the  Fed  will  rub salt into the wounds this week with another
aggressive  ease  in  policy. Although this may be the last ease this year,
recent  market  moves suggest that the Fed has done enough to support hopes
of  a  recovery  in  H2.  The ECB in contrast, by last week's price action,
still  has  some  way  to go, leaving EUR/USD vulnerable to new lows in the
very short term.



(See attached file: wcal010514.pdf)









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 - wcal010514.pdf