The two day move in USD puts my near term trade plan directly in the toilet – short of it being a wash out / smoke out.
Fundamentally it’s near impossible for me to imagine a “strong dollar” – as the majority of my near term trade ideas where / are looking that way….but the move needs to be respected.
As completely “bizarro” as currency markets have been as of late – I too had been framing some pretty nutty trade ideas, the least of which being a scenario where we’d see both equities and the USD fall together in a “risk off” /hands off America” move. This idea is still not out of the question, but considering the big move up in USD and corresponding move down in equities – I’d have to consider the simple USD up = Equities down may be back in play.
It will take at least a couple more days to see if the move in USD holds / suggests further upside – so as it stands..I’m hands off until then.
I’m still inclined to believe USD will continue lower – but has most certainly bought itself a bit of leg room over these past two days.
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