Emerging Money Daily Audio Call September 7 – Mario Draghi was the story of the day and the Dollar chart is ugly, but it should not surprise if the DXY is really about USD/EUR.
Overall on the market and the Fed:
Clearly the last week has been “Risk-on”! Both equity & bond funds saw record inflows for first time in 10 weeks as NO FED clearly coming into focus ( not our focus per se but the market’s” Without the Fed, Dollar can stay weak and inflows continue […]
Rates: You better be following rates right now ( and most of the time!) to get your direction for equities. We have been in a hyper rate sensitive period with outsized moves coming effectively with no data or CB activity to support.
Recapping a couple macro themes from today that are part of larger macro views we have.
A look at the chart of the DXY shows the Dollar basket kissing the lows of Feb ’13 and testing all the way back to levels that were established in early 2012.
DXY index is off -85bps in afternoon trading, but that doesn’t mean the USD strength devastation is not being felt across the world.
LONG the US Dollar was a trade that for much of 2013 was a consensus view, but to many this trade failed despite the backdrop of a stronger US economy and the Fed in the wings to taper.
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