Just a short post to let everyone know that we’ll be away next week and fully back in action on August 20th.

Our base-case is still that markets are in a choppy topping pattern and are being extremely complacent about Geo-economic / Geo-political risk.

There is a distinct possibility that we may have seen the best data prints of this business cycle and yes, markets continue to be extremely complacent about Geo-economic / Geo-political risk.

The situation in emerging markets is not getting any better and the DXY remains the biggest elephant in the room. In this context and based on recent price action, we still stand by our view that the weekly reversal in USDJPY in July may have rung the warning bell.

We will updated our latest Weekly Outlook when we are back but all in all, no big change.

Please note that any new subscriptions during this period will only be processed on Sunday 19th.

Wishing everyone all the best and see you back soon!