@吴家琦:The Energy crunch in Europe1) Energy induced Recession = lower EUR2) Recession Risk = higher credit spreads and peripheral spreads = lower portfolio inflows3) Higher cost of manufacturing, shortage of key supply chain materials increase inflation pressure and growth pressure4) Factory shutdowns = potential higher unemployment Essentially the Euro area's cost of energy is 3-4 times higher than that of the US and this key disadvantage for Euro manufacturing requires a weaker currencyECB can make all the noise they want on FX but with 214bps priced over 2yrs already - not really much they can speak up.Is USD parity Around the corner?