EFTA Document EFTA01455668

EURUSD has broken below 1.28 during the last 24 hours with uS data continuing to firm, the market is recalibrating when the Fed will deliver hikes - earlier rather than later On the other hand, given the KB's stated determination to spur inflation in the Eurozone, full-blown QE looks likely next year This chart shows the correlation between EURUSD and the spread between EUR and uS interest rates (yellow) (Embedded image moved to file: pic10860.gif) Source: Bloomberg 25-sep-2014 EURINR l