Crypto has felt heavy for months. Slow exits from bases, failed breakouts, and sloppy leadership throughout. 

Bitcoin’s no exception, currently on pace for its fourth-worst year ever (the other years being: 2014, 2018,...

The weak-dollar trend remains intact. But when counter-trends happen, they usually start under the hood. 

The Dollar Index $DXY is just a basket, so when we want hints as to the next move, we pop it open and check the...

The bell is ringing for global risk appetite, can you hear it? 

The message is simple here, but the echoes and reverberations come from outside the U.S. this time. 

The EUR/JPY just printed new all-...

The US Dollar Index $DXY hasn’t left our macro checklist all year. 

It remains one of the most important charts for risk assets everywhere, as well as the anchor for the “weak dollar trade.”

Since our...

Leadership in emerging markets continues to expand as the weak Dollar cycle progresses.  

This time, it’s Colombia stepping up.

Yes, Colombia... One of Latin America's historically weakest markets is...

One of my favorite tells for global risk appetite doesn’t come from bonds, credit spreads, or even the Nasdaq.

It comes from an obscure FX cross almost nobody trades: the Israeli Shekel (ILS/USD).

Israel’s...

The market is ripe with fresh opportunities… and the list of charts we want to buy is growing longer by the day.

But we can’t buy them all, so we have to make some tough allocation decisions.

This is one of...

These days, we trade gold as a commodity.

But centuries ago, we used to trade commodities priced in gold. 

For this reason, among others, we like to think of Gold as more than a commodity or currency....

The US Dollar continues to weaken, and international energy stocks are one of the groups benefiting most from it.

Look at what’s happening in the global energy space. While US energy (XLE) has chopped sideways for the better...

Leadership keeps showing up in places no one’s watching. Take Peru.

The Peruvian Sol (PEN/USD) just registered its best single-day performance since 2023, reaching fresh five-year highs against the US Dollar.

...

When it comes to Latin America, currencies are known to tip the hand for equities. 

When LATAM currencies outpace the US Dollar, their bond and equity markets tend to follow suit — often outperforming US benchmarks.

We’ve been pounding the table on a weak dollar cycle for months now… and it’s been working very...

If you're still looking for leadership outside the U.S., start by looking at the local currency.

The Polish Zloty is breaking out—clearing multi-year bases against both the Euro and the Dollar.

It’s...

Markets are always talking. The trick is in discerning what to listen to versus what to ignore. 

There’s a lot of noise out there these days. You can get lost in it. 

But when it comes to commodities...

We’ve spent the better part of this year highlighting one breakout after another against the Greenback. The evidence is everywhere you look. 

Emerging-market currencies, developed-market FX, precious metals, and...