It's a holiday in much of the trading world today but the dollar selling had been steady until the last hour when it bounced. In that time, dollar weakness has cleared several hurdles:
USD/CHF lowest in 10 years EUR/USD highest since 2021GBP/USD highest since OctoberUSD/CAD lowest since NovemberUSD/JPY lowest since SeptemberDXY lowest since 2021Gold all time highThe risk-on/risk-off trade has been teetering for awhile and now it's utterly broken. S&P 500 futures are down 1% today and yen NZD/USD is up more than 1%.
Just six months ago this magazine cover might go down as one of the all-time counter indicators.
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