Key Market Shifts Are Underway With Bigger Moves to Come
Overall global growth will slow because of the U.S.’s misguided policies, but the biggest loser will be the U.S.
Last week I wrote about a number of markets that are close to significant turning points. In the currencies, I focused on a few pairs, usd/jpy, cad/jpy, and eur/cad. In particular, I noted that the dollar was close to an important top against the yen, and I recommended progressively scaling into a short dollar exposure all the way up to 146.50. We weren’t able to put on a full short dollar exposure as the dollar has dropped sharply from the selling band, but we were able to establish a meaningful position before the dollar fell.