Competitive Devaluation

(1) US MSCI continues to outperform. (2) Dollar soaring as ECB and BOJ boost their balance sheets after Fed terminated QE. (3) Devaluation is often a zero-sum game. (4) Desperate measure for desperate countries. (5) Currency wishes come true for Draghi and Kuroda, but not for economy and inflation. (6) Interesting correlations between US dollar, commodity prices, and EM MSCI. (7) China is first to report trade stats, and they were good last month.