While markets digest the impact of the ECB's surprising, but apparently
credibility damaging interest rate cut on both European asset markets and
the euro, the Fed will rub salt into the wounds this week with another
aggressive ease in policy. Although this may be the last ease this year,
recent market moves suggest that the Fed has done enough to support hopes
of a recovery in H2. The ECB in contrast, by last week's price action,
still has some way to go, leaving EUR/USD vulnerable to new lows in the
very short term.



(See attached file: wcal010514.pdf)









Carr Futures
150 S. Wacker Dr., Suite 1500
Chicago, IL 60606 USA
Tel: 312-368-6149
Fax: 312-368-2281
soblander@carrfut.com
http://www.carrfut.com
- wcal010514.pdf