Fundamentals :
(1) EUR's negative outlook looks bleaker by the day. (2) Geopolitical risks remain high. (3) Market's shrugged off EUR's rate hike. (4) Gas problems will be an elevated fear until EUR can strike a deal or switch to an alternative source of energy. (5) Russia turning off the gas tap so needed by EUR.
Conclusions: (a) EURO recession. (b) Less QT...
