Our #StrongDollar call continues to wreak havoc for those macro participants late to the party. Remember that the most crowded USD short positions (as seen in futures & options open interest across currencies) were held heading into Q2. The US Dollar Index is now +8.8% off its 02/15 low of 88.59.
Here’s how this big macro theme rippled through FX markets last week:
#StrongDollar of course hits higher yielding and less stable currencies the hardest. Here were some of the biggest bloodbaths in Emerging Markets last week:
5. Turkish Lira (vs. USD) was -20.9% to -40.8% YTD and remains Bearish TREND @Hedgeye