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It seems basic but the market anticipate. Mexico and Canada, the U.S. biggest
trading partner are in trouble. Their currencies are quickly depreciating.
As for Druckenmiller, maybe he has only a time horizon of 3 to 6 months,
because he knows that it's impossible to make accurate forecasts over a longer
period. Anyway, I would take what he says with a grain of salt. I am tempted
to think that when he talk the market up, on Wednesday on CNBC, maybe somebody
back in the office was going short...
Jean Jacques
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