As I have commented numerous time recently, global currency wars are heating up as every nation believes it can export its way out of a slump.
In spite of statements by Bundesbank President Jens Weidmann, it's important to note that Weidmann does not set ECB policy. Realistically, Weidmann appears to have as much influence on ECB policy as hawks have on Fed policy (and that is not much).
The ECB wants a cheaper euro, the Fed wants a cheaper dollar, China wants a cheaper yuan, and Japan wants a cheaper yen.
Mathematical reality says that's impossible, yet that is what every country wants to achieve.
Mike "Mish" Shedlock