The models are broken
The market is trying to get back to the pre-Covid and pre-war times, but that model is broken. A new dawn is here and the financial world needs to adapt.
Steen Jakobsen,
Chief Investment Officer
Head of FX Strategy
Summary: The Xi-Trump agreement to press the pause button on their mutual showdown over trade has triggered a global risk-on celebration. In reaction, the US dollar is weaker across the board, particularly versus the commodity dollars and emerging market currencies.