RBOB has joined VIX and USDJPY in a bearish 10/20 cross, adding slightly to the likelihood of a downturn. Yet, DXY’s breakdown reversed itself overnight on reversals in both EURUSD and USDJPY, meaning that there are still plenty of tricks up this market’s sleeves. Speaking of tricks, President Trump rolled out an EO forestalling evictions which, though it will likely prove difficult if not impossible to enforce, is very popular with the algos. There is arguably no limit to the EOs, Fed and Treasury actions and Congressional bills which are all calculated to improve election odds. So, how is the dollar still standing?
It reminds me of my favorite Monty Python and the Holy Grail moment – John Cleese’s miraculous recovery from being turned into a newt.
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