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The magnificent euro is holding up remarkably well (for now)

The Fed is compounding the shock by draining global dollar liquidity at a net annual pace of $2 trillion, that is to say by switching almost overnight from $120bn a month of QE asset purchases to near mirror-image asset sales (QT). Ferocious tightening by the world’s superpower central bank has turbo-charged a parallel development: America’s …

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