Ratio Red Rover
What Countries Look Good vs the US and All World Ex US
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Worst year since 2009 versus the rest of the world. We picked the right year to get a Passport!
The Dollar
The Dollar now looks ready for a new leg lower and we of course are right near the longer term UTLs going into next year. I think the TGA being full and QT ending along with another rate cut allow for some downside here. With that said - inflation swaps have gone down a lot lately so inflation surprises to the high side would breathe life back into the Greenback.
The Scoreboard
The US is having the worst year versus the rest of the world since 2009 and that is with record net capital inflows. Imagine what performance may look like with net capital outflows in the future.
The US is now beating 13 countries but trailing 32. 12 different countries are up by more than 50% while the US is up less than 20%.
Interesting Data
France - EWQ 0.00%↑
Hey not bad…
Italy - EWI 0.00%↑
Amazing what the Southern European economies have done with a little fiscal from the block.
Greece - GREK 0.00%↑
All of Europe is crushing it on unemployment but impressive to see how far we are below the 20yr average in Greece.
Switzerland - EWL 0.00%↑
Not a huge PMI guy but notable new high here.
Interesting News
Japan - EWJ 0.00%↑
