The First FX Prints Are In...
And it is not looking pretty for the dollar. Both the USDJPY and the USDCHF are tumbling following weaker pretrade indications, confirming that the market is indeed starting to listen to the complete cacafony from DC. Ironically, in a world in which USD weakness is SPX strength, will correlation desks send the ES to infinity even as the key marginal driving force is the ever larger fear of US bankruptcy? Or will we finally get decoupling.
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