Before US data showing signs of weakening labour costs was released the $US had rallied back above 102.50 sending gold down $US25/oz and copper -2.5%, these moves reversed but illustrated what can be expected when the Greenback does find some buying. Similarly, the US S&P500 was down ~0.8% before reversing +1.5% again demonstrating how MM believes the $US is the key to market and sector swings through 2023.
- we believe an eventual bounce higher in the $US is likely to weigh on equities.
MM continues to look for a bounce by the $US
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