Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.
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In other words, ex-Euro, last week was a lot of nothingness in Yen, Loonie (Canadian Dollar), and Swiss Franc (CHF/USD) terms. They’re now pricing in 2 rate hikes by the ECB. Good luck to them trying the 1st one! Commensurate with the pop in the EUR/USD pair was a super LATE CYCLE move in both US and European Bond Yields: A) Germany’s 10yr Yield ramped +25 basis points last week to +0.21% Did the European stock market #like that? A) Germany’s DAX was down another -1.4% last week to -6.5% in the last month = new Bearish @Hedgeye TREND |
