Wrong Week (Months) to Quit Sniffing Glue…With that little political misunderstanding out of the way (See: Peter Navarro), risk-assets resumed their price appreciation today, balancing hopes of continued reopening on the economic trajectory, with new home sales surge (but disappointing existing home sales) and concerns over new US COVID-19 case growth. Though it is worth noting that market participants seem to only care if hospitalization rates actually increase. Nevertheless, equities are higher yet again led by Cyclical/High Beta/ Value names. However, one place to keep watch? USD. The easing is pleasing to many, but not all.. Clearly there will always be second-derivatives of any USD move, some market friendly, some less so. The culmination of all of these things TBD by next week’s month and quarter end. Duh duh duhhhh….
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