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Below is a chart and brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough.

Welcome to Macro Tuesday @Hedgeye where Monday isn’t the 1st trading day of the US macro market week, and what’s going on around the world didn’t cease to exist because people chasing AAPL and TSLA for their “splits” thought it did.

Let’s start with what happened in the Global Currency market last week:

  1. US Dollar Index had a Counter @Hedgeye TREND bounce of +0.4% last week and remains Bearish TREND
  2. EUR/USD corrected -0.5% last week but is +4.4% in the last 3 months and remains Bullish TREND @Hedgeye  
  3. Yen corrected -0.8% vs. USD last week and also remains Bullish TREND @Hedgeye 
  4. GBP/USD corrected -0.6% last week but is +5.4% in the last 4 months and remains Bullish TREND as well
  5. Canadian Dollar was +0.3% vs. USD last week and is also signaling Bullish TREND @Hedgeye  
  6. Turkish Lira was devalued another -1.3% vs. USD last week taking its 3-month devaluation to -9.2%

CHART OF THE DAY: How Many Splits For Hoodies To Break-Even? - Chart of the Day