EFTA Document EFTA01462241

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 ECB'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: pic11188.gif) Source: Bloomberg 25-Sep-2014 EURINR lower as a combined play on continued inflows into Indi