Dollar Dumps – Erases Week’s Gains As Yuan, Lira, Ruble Rally

While the dollar remains close to cycle highs, it has given up all the week’s gains today after China trade headlines overnight and Turkish FinMin confidence-inspiring conference call confirms to investors that the world is ‘fixed’ again

Dow futures are back to last Thursday’s closing levels – before the Turkish shit really the fan…

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

And the dollar is dumping…

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

As China squeezes Yuan shorts (to show how mighty it is ahead of trade talks?)…

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

The Ruble is bouncing back…

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

And the Lira is extending its rebound… (what exactly has been fixed here?)

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

Extending the rise above a 50% retracement of losses since Erdogan was sworn in…

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

But let’s keep in mind the context of this ‘bounce’…

Dollar Dumps - Erases Week's Gains As Yuan, Lira, Ruble Rally

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Author: HEDGE

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