Looks like the trillion didn’t even buy the EU the day and a half I suggested.

While not much has actually changed some cross currents can start to surface.

Decent US economic news, especially the through the rear view mirror, should continue to be reported.

The euro austerity measures are deflationary, and they are being attempted, so they can firm up the currency once the portfolio shifts have run their course, though that can be a ways off.

China’s policies could prove deflationary as well.

In fact, it looks like the entire world is going the route of ‘fiscal responsibility’ at the same time.

Euro Erases Gains as Bailout Optimism Ebbs; Chinese Stocks Fall

By Justin Carrigan

May 11 (Bloomberg) — The euro lost all of yesterday’s gains on concern the $1 trillion bailout will hurt European economic growth. Stocks fell, paring the MSCI World Index’s biggest advance in a year. Chinese shares entered a bear market.