Euro is rising towards its all-time high from before the 2008 crisis. This rise isn't about Dollar weakness. If USD were falling against everyone, trade-weighted Euro wouldn't be up so much. This is genuine Euro outperformance. Europe is seen as a safe harbor from US recession… pic.twitter.com/DJaEfkmmKR
— Robin Brooks (@RobinBrooksIIF) April 26, 2023
The bond market is pricing almost 200 bps worth of Fed cuts over the next 18 months.
This is by far the biggest amount of cumulative Fed cuts the bond market ever priced in over the last 37 years. pic.twitter.com/SpNdUdrJ8X
— Alf (@MacroAlf) April 26, 2023
Yea my friend, but EUR – the new safe haven!
— Alf (@MacroAlf) April 26, 2023