The market is now well and truly over the euphoria which greeted the EBC’s bond purchase scheme. It also didn’t murder the dollar when QE3 was announced.

The global economy is struggling and there are fewer and fewer bright-spots for the market to focus upon. The Aud, the darling of the risk on brigade has given way to the JPY, the darling of the risk off brigade! We can’t consider the Chf anymore as it is heavily shackled by the SNB.

Now it appears as though the Euro (the darling of no one it seems) has topped out as the market continues to digest the European leader’s ability to pass up every opportunity they manufacture to set their joint economy on the right track.

Read More: http://www.sarrafx.com/en/view-blog-article/48/Has-the-downtrend-resumed?