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USD, Still Beaming

USD

The DXY pushed close to 105.00 during the NY session, which is fresh cyclical high. We are weaker today as equities show some stability, but week to date gains stand at +1.00%, following last week's 0.68% gain. This would mark the 6th straight week of USD gains. Last week we noted that the USD was benefiting from the smile theory. See this linkfor more details and also see, MNI Global Macro Outlook - May 2022: USD Breakout Implications.

  • Last week's post FOMC dip in the USD is now a distant memory. It continues to enjoy broad based support.
  • The DXY has now added ~6.5% since the first Fed hike of the current tightening cycle, clearly bucking the normal trend, see the first chart below

Fig 1: DXY Performance Post The Onset Of Fed Tightening Cycles

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The DXY pushed close to 105.00 during the NY session, which is fresh cyclical high. We are weaker today as equities show some stability, but week to date gains stand at +1.00%, following last week's 0.68% gain. This would mark the 6th straight week of USD gains. Last week we noted that the USD was benefiting from the smile theory. See this linkfor more details and also see, MNI Global Macro Outlook - May 2022: USD Breakout Implications.

  • Last week's post FOMC dip in the USD is now a distant memory. It continues to enjoy broad based support.
  • The DXY has now added ~6.5% since the first Fed hike of the current tightening cycle, clearly bucking the normal trend, see the first chart below

Fig 1: DXY Performance Post The Onset Of Fed Tightening Cycles

Keep reading...Show less