When it comes to tapering the focus is now the labour market. If we’re in the area of 750,000 the expectation will be for a September tapering announcement.

Stefan Hofer

It is counterproductive to depreciate to 8 or even 7.5 as it increases costs to importers and debt service costs much higher for Chinese issuers that borrow in dollars and have income streams in renminbi.

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This week, inflation is overriding pretty much everything else, because that pushes Fed expectations one way or the other and that’s just so dominant, this earnings season is also critical because in the previous one, earnings especially in the U.S., were very strong, partly because of the base effect. The third quarter may be a little more standard.