I still believe, and I believe this quite strongly, that the manufacturing sector will, in fact, recover. This is only one month.

Aircraft is responsible for a lot of that decline. My suspicion is that the manufacturing sector will ease up, but the manufacturing recovery is still in place.

My suspicion is that the dollar will remain relatively strong because, even if the ECB starts lowering rates, they've got a lot of catching up to do, ... The prognosis for the dollar remains cautiously optimistic.

This will certainly heat up the debate at the central bank,

My suspicion is that the dollar will remain relatively strong because, even if the ECB starts lowering rates, they've got a lot of catching up to do. The prognosis for the dollar remains cautiously optimistic.

I don't think the developed world shifted that much work to Asia. The places that have seen the most manufacturing disappear are Hong Kong and Taiwan.