"The US Dollar is still correcting after some macro tourists got squeezed coming late to the Renzi trade," writes Hedgeye CEO Keith McCullough this morning. "They shorted the Euro on the NOV lows...That puts the USD at the low-end of its immediate-term risk range.
Our long-term TAIL call on US Dollar remains bullish.
Meanwhile, ISM Services just accelerated in NOV (post Trump win) to 57.2 vs. 54.8 in OCT.
Reiterating that the US economy is currently in Quad2 (both growth and inflation accelerating). That's good for US equity beta, growth, etc. and bad for Gold, bonds, etc."