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First a quick housekeeping note - I will be traveling for the next 4 days so the next letter will likely run in the middle of next week.
The Dollar
I zoomed in today to show the recent bounce in the Dollar.
The Scoreboard
Ten countries up by more than 10% and 9 countries in the red on the year including the US. Great day for LatAm as you can see on the daily returns. And naturally Turkey since I sold it yesterday!
Interesting Data
Malaysia - EWM 0.00%↑
Beat the estimate handily on Malaysian IP.
Germany - EWG 0.00%↑
Same in Germany and about to go positive for the first time in well over a year.
Mexico - EWW 0.00%↑
Inflation in Mexico continuing to creep higher. The central bank’s target is 2%-4% so we are now uncomfortably close to the high end of the range. This is not great given the recent rate cuts…
Argentina - ARGT 0.00%↑
IP fell but construction activity is booming in Argentina.
Interesting News
Italy - EWI 0.00%↑
Interesting Charts
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