Polish/Korean Elections & Brazilian Data Accounts

And plenty of other interesting tidbits

Jun 04, 2025

∙ Paid

This letter reads WAY better in your browser than in your email - so do yourself a favor and click on the title above to read it that way.

Given the impact of the these elections - I figured I would list a few more elections in the next few months that we should pay attention to for our Country ETFs. Probably have to click that to read it well.

The Dollar

The Dollar is below important monthly support right now.

The Scoreboard

The US is now beating 6 countries on the year but up less than 2% with 21 countries up over 20% on the year…

Interesting Data

Mexico - EWW 0.00%↑

This could hurt…

Canada - EWC 0.00%↑

Solid beat in Canada…but worth noting that final domestic demand was weak.

Sweden - EWD 0.00%↑

Less good in Sweden…

Australia - EWA 0.00%↑

Dang!

Indonesia - IDX 0.00%↑

Inflation in Indonesia is now at 1.6% (WAY under expectations and MoM was negative .4%) with the policy rate at 5.5%. Plenty of room to cut. I have been warning for probably a year at this point that imported Chinese deflation would become an important macro driver for EM.