[noduerme]

This is a good case for why we're looking at a global phenomenon, but as far as relative inflation it's not that much higher in the US, and currency markets are taking into account what they think will happen in the future, i.e. without Russian energy the eurozone will see much more expensive goods. But even Japan went from deflation to 2.5% inflation in the past few months, so the forex markets are considering where those lines will cross over.