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One of the emerging bullish factors in our macro strategy model is the stabilization that we are finally starting to see in the foreign currency market. After a September to remember, followed by an October to forget, the November thaw in daily currency volatility has been a welcomed change.

Below we show this via 3 currency lines: the US, Canadian, and Australian dollars. Last night, Asia currencies continued to stabilize alongside Asian equity markets, which are now all being buoyed by a proactive Chinese government stimulus package.

Bottoms in markets are processes, not points. This is one more macro factor to add to the bullish side of the ledger.
KM