The $US index again dipped back under 90 overnight helping support commodity prices although their gains were muted which is to be expected on a holiday. The trend is clearly down since the peak of the pandemic panic in financial markets in Q1 of last year but interestingly the $US is only back to its support area of early 2018.
It can be a dangerous and costly game bucking the trend but we’ve called the $US down to current levels over the last year hence we’re sticking with our view that the greenback is close to a decent bounce, a move which suggests growth stocks will outperform value while that plays out, this rotation has already began percolating through in the ASX.
MM is looking for a low in the $US
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