Salient to Investors:

Axel Merk at Merk Investments said it is a very real concern of countries to keep their currencies weak, and Draghi has persistently been trying to talk down the euro since earlier this year.

Neil Mellor at Bank of New York Mellon sees a new era of currency wars, and sees a change in tone from South Korea, Australia and New Zealand.

Alan Ruskin at Deutsche Bank cites some economies that are generally weak and whose inflation is already low, and said Japan was in that mix for over 20 years and nobody wants to go there. Ruskin said Draghi is taking the disinflation story very seriously, while the Czech Republic is the same story.

Adam Cole at Royal Bank of Canada said the idea that central banks are setting policies to weaken their currencies has always been overstated: in most cases they are happy to see their currencies fall, but they are not targeting weakness.

Lane Newman at ING said the euro-zone central bank wanted to engage in a currency war because they cut rates knowing it was going to put the euro on the back foot.

The Australian Dollar is 27 percent overvalued versus the US Dollar according to a gauge of purchasing-power parity compiled by OECD.

Analysts predict the Fed will delay tapering until March.

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