Greensleeves

I agree with this Auric - but the timeframe for the next round of deleveraging keeps eluding reason. My basic strategy is to wait until the next down leg has actually, clearly started and buy dollars on the way down - as the plunge could go all the way back to the 1.3s with a combination of return to risk aversion globally + next UK GDP and unemployment showing a real downward trend to a UK depression - oh and some 4 June election destabilisation thrown in.......... That said - after the next down leg I will get out of dollars and into.................. who knows.