Over the weekend we heard references from both the ECB (Coeure says that the ECB should take FX rate into consideration when deciding policy options) and the BOJ (Kuroda said the Yen is unlikely to rise against the USD) and even though they may dispute it, it’s blatantly obvious that all central bankers want a lower currency. Looks like the race to the bottom can proceed in earnest!

So if everyone wants a lower currency, what currency actually goes higher?