Turn, Turn, Turn

To everything (turn, turn, turn)
There is a season (turn, turn, turn)
And a time to every purpose, under heaven

The dollar’s dip has been a headwind for the markets, but it’s served a purpose: resetting various carry trades and putting things on firmer footing for the next stage.  I don’t know whether central bankers will be able to pull it off.  I don’t even know how they’ll attempt it (though I have some suspicions.)

I only know that EURUSD’s reversal at our 1.1470 target from Jun 13 [see: The Rally That VIX Built] is quite important.  And, if DXY should slip below its recent lows, equities are not going to take it well.

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