We are in a regime where we are worried about the economic cycle, we're risk-loving and are determined by short-term interest rates. The trade data doesn't matter in this regime.
What everyone is worried about is the whole regime will disappear.
What everyone is worried about is the whole regime will disappear. At some point this whole carry trade situation will end. The point is whether this is the catalyst.
You've got to put this in context, ... I think they (the critics) would be more worried if the euro had gone up 12 percent instead of fallen 12 percent (from its launch level). We've got everyone trying to manipulate a weaker currency, but when you've actually got one, it's criticized.