In today’s briefing:
- USD Breakdown a Tailwind for Asia
USD Breakdown a Tailwind for Asia
- We were transitioning to short USD at DXY 114 and 113 ahead of the touted break below trendline support that is now unfolding. Our pullback target is DXY 103.
- A weaker USD is acting as a key risk turn for EM and Asian equities (EEM bull from 34).
- The USD breakdown is accompanied by a clear yield support break that is perhaps the higher conviction bet into a recession.
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