An amplification of a point made late last week

I wrote last week about the big move in EUR/AUD and what it was telling us about the state of the world. Here is a more eloquent elaboration on that theme.

I do believe there is a major macro shift at work here, it has been underway for months and could have a very long-time to run. The five-year risk-off/all growth is in the emerging markets cycle looks to be coming to an end.