With the FOMC announcement coming tomorrow, we can expect every move from here on out to revolve around the question of whether or not they’ll entertain a rate rise in June. Given the overwhelming weakness in both earnings and macro, it hardly seems possible. Yet, they’ve been talking up a storm, trying to portray it as a viable option. Why is that?
Could it be the US dollar, which has had one heck of a time regaining any momentum. The chart illustrates a continuous prop job over the past two weeks. Imagine that, the world’s reserve currency needing to be propped up.
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