NY Open: Twenty pounds of headlines
Markets started the day in a confusion of incoming news as ECB chatter met with trade talk updates and US macro data. EURUSD took it on the chin and dropped from 1.1270 to 1.1235.
Ten years after the start of the global financial crisis, President Trump has turbocharged the search for a replacement for the US dollar as the world’s chief reserve currency with his total abandonment of fiscal discipline at what could prove the tail end of the US recovery. The USD is destined for pronounced weakness in purchasing power as reserve status begins to slip away – now sooner than before. But the real devil is in the detail of how we get there.
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