Changing correlations

I am currently moving my life 300 miles north which entails more headbanging over missing internet, tv and other amenities in my new flat, IKEA flatpacks rather than looking at the market. One of the tidbits that did register last week however was Draghi's comments at the IMF that the euro is now starting to become a problem. 

It is clear that the ECB is priming the market here for something. Although I am quite sure that this "something" will be underwhelming. One thing though that needs to be watched is the catalyst, in my view, for this recent jawboning by the ECB. Basically, the fact that the recent risk-off coincided with USD weakness has spooked the lords of finance in Frankfurt. A strong euro in conjunction with a stronger economy/higher assets is ok. But a dump in risk assets, sentiment and a stronger euro do not constitute a welcome combination.

Finally, and to compensate for the lack of musings here I leave you in the capable hands of Sherlock Holmes who, in the hands of Macro Man, cuts a representation to rival that of even Benedict Cumberbatch. In the most recent installment he has emerged from hibernation and re-enlisted Watson to take on the case of the curiously jumping dots.