‘Sonata, Adagio & Minuet’: A ‘Symphony’ Of Debate Emerges Around Surging Euro

Ok, so we've seen what looks like some profit-taking in the euro after yet another pretty epic ascent on Wednesday, fueled by a dovish Fed. Basically, the policy divergence theme that was supposed to underpin the rate differentials pillar for USD now looks even flimsier than it looked just a week ago. In fact, between Sintra (Draghi hawkish), Yellen on Capitol Hill (dovish), lackluster CPI in the US, and the dovish Fed statement, it's no longer clear that the policy divergence theme makes any s