| The USD continues to chop as the market gets pushed and pulled from higher inflation and lower growth, lower inflation and higher growth, good data, bad data, hawkish Fed members, less hawkish Fed members. Good earnings but lower earnings YoY. Lower margins, etc., etc. etc. The USD has moved lower after the Philly Fed index was the lowest in 3 years (the Empire manufacturing surprised the upside on Tuesday so go figure). Yields are lower with the two-year down around 9 basis points. Admittedly, the technicals are getting chopped up with the up and down volatility, but it is a reflection of all the above and nothing we can do. So fall in like with your trades. Don't fall in love with them. |
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