Today we look at a fresh major spike in natural gas prices in Europe driving new concerns for the European economy and for the euro itself, which has lost significant further altitude. We also ponder where to look if EU outlook concerns turn more existential rather than merely a question of “relative outlook”. The latest on crude oil, spiking coffee prices, US retail sales data and how to interpret it and much more on today’s pod, which features Ole Hansen on commodities and John J. Hardy hosting and on FX.