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Euro Making its Up Own Flamenco Sketches

The traditionally global risk-sensitive Euro has been rather dismissive of the the recent market sell-off. You can see, below, versus both the Yen and then the U.S. Dollar, the Euro continues to steadily improve. In prior deep corrections since March 2009, the Euro has usually been cratering with risk assets.

When you consider this divergence on top of the rotations into the emerging markets, materials, and energy stocks, the market might be telling us that it has more substance this time than merely the developments in the Nasdaq Composite Index.

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