A complex picture continues to emerge today as global bond yields continue to soar relative to US treasuries. The higher rates spark algos to buy the local currencies, which results in a falling POSX, which is the opposite impact you might expect. But in a world largely run by algorithm, what do you expect?
Again, it is stimulus (printing) programs that are the root result. More stimulus = more fiat creation = (should) a weaker currency. But instead, the opposite is happening as the euro bond selloff (higher rates) is leading to algo buying of euros and other fiat. This weakens...
