While most investors start their day naval gazing at Apple and a group of seven tech stocks, Hedgeye keeps its vision trained on opportunities in the broader global macro landscape. 

“The EUR/USD is one of the most important quotes you can have,” Keith McCullough explains in this clip from The Macro Show.

“I’d argue it’s more important than SPY for sure. When I got up this morning, it was up +0.2%. After Euro CPI and GDP decelerated, it’s down -0.1%. In currencies, -30 basis points is a big move. That’s the equivalent on a beta-adjusted basis of a 1% move in SPY.” 

“What we’ve been saying is the European economic data hit a recession before the U.S. did,” McCullough adds. “Therefore, the market’s front-running that the ECB cuts rates before the Fed does. That’s why this has been such an awesome short.” 

The EUR/USD is one of 35 tickers currently included in McCullough’s Risk RangeTM SignalsClick here to subscribe and receive updates each morning on major asset classes, stocks and ETFs to help you buy low and sell high. 

McCullough: This Ticker Is ‘More Important Than SPY’ - TMS Banner