Friday 2 February 2018
USD bull market not over?
The USD is up today. Most of the last few weeks as US yields rose and the curve flattened it seemed like Euro banks liquidated longs and repatriated 'QE leakage' and sent the USD tumbling and Euro and Cable rising. But the yield differential between the US and Europe continues to rise and obviously, the USD tends to rise in risk off. As the fed hikes and unwinds QE, the pace of which is picking up now, I still think we have not seen the blow off top for the USD bull market.