USD (DXY) continues to rise as a divergence to the inflation trades
Fed-stoked casino patrons (including your local writer) have been inflation trading for much of 2021, and on CPI hysterics Wednesday we find James Bullard – as if on cue – out with the rate hike tough talk, inflation trades selling the news and Uncle Buck rampaging through our long-standing first target at the 38% Fib (emphasis on the word “first”).
Objective #1 is now definitively in the books and Unc looks northward to the 50% Fib area at 96. It’s actually pretty funny how “Commodity Super Cycle!!!” pumpers have conspicuously toned down the “death of the dollar/dollar collapse!” aspect of their usual message. Funny how markets are.
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