If terms of trade are declining and you really are playing a volume game not a margin game, that means you don't have pricing power and you will look to keep your currency weak for a while.

179

The first part of this week is relatively quiet in terms of data and meetings, but there is a lot of event risk in the latter part of this week to test the markets.

117

China has been looking quite independently to make its regime more flexible. There will be a move to greater flexibility. The dollar is going to come significantly lower against the yuan this year.

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