Editor's Note: Below is a chart (and excerpt) from today's Early Look written by Hedgeye CEO Keith McCullough.
Since calling out a -50% crash in an Emerging Market currency like the Argentine Peso (and their subsequent begging for a bailout from the IMF in EARLY 2018) is too easy to explain, let’s do the British Pound:
That’s right. I didn’t mention anyone’s political thoughts about Brexit, did I? Where do I think the Pound bottoms? Well, that’s pretty straightforward – when the rate of change of the UK economy stops slowing and comes out of Quad 4.
Yesterday’s Industrial Production print in the UK was horrendous at -0.8% year-over-year growth. Do you think the #slowing UK economy has affected the political prospects of Teresa May? Of course it has.