$USD (USDindex.FX)$ Last week's large non-farm payroll data was 33.9, and tomorrow’s data is expected to be explosive as well; otherwise, it would be hard to justify today’s small non-farm figure.Of course, this data has a bit of exaggeration, but don’t forget that U.S. import data hasn’t plummeted like Europe’s. Generally speaking, import data is hard to falsify, because your export is my import. Good import data more or less reflects strong demand for goods or raw materials, indicating a healthy economy. So, my view has always been that if there’s a recession, Europe will be hit first. If the economy can’t hold up, they’ll have to cut interest rates first—don’t fantasize about pushing the dollar down in the short term.