Slow trading sessions and the EM FXs are silently turning back upwards again. Not like during the summer but the inflection point might be behind us. LatAm lagging, Russia sluggish, the commodity driven regions are weak, only Asia stands out positively.

Miscellaneous:

http://www.bloomberg.com/news/2013-11-11/army-storms-caracas-electronics-stores-shoppers-follow.html

“The government, which devalued the bolivar by 32 percent in February to 6.3 per dollar, has been unable to arrest the decline of the currency on the black market, where companies and individuals not authorized to use the official rate pay around 60 bolivars per dollar.”

http://www.bloomberg.com/news/2013-11-12/israel-takes-to-home-grown-pot-as-wall-curbs-arab-hash.html

“The shift in Israel’s cannabis supply is an unintended effect of tighter border security. While Israelis long smoked hash from neighboring Arab countries, a new fence and more vigilance on the borders have thwarted shipments. In response, Israeli dealers are increasingly growing their own.”

Two entirely different topics but the point is the same: supply and demand will find a way.

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