If You Get the Dollar Right, You Get a Lot Right| Morning Express | 1/26/2023

Posted: Jan. 26, 2023, 9:20 a.m.

On Wednesday’s session, early risk-off selling bottomed out in the 9:00 am CT hour. U.S. Dollar weakness again proved to be a catalyst for broad-based risk-on as the Dollar Index was slammed, like clockwork, right at 9:00 am CT for the fourth straight session.
GDP, Durable Goods, and Weekly Jobless Claims all beat expectations this morning, yet the U.S. Dollar has done nothing.
- Initial Jobless Claims at 186k vs 205k expected, lowest since April 2022
- Durable Goods anchored by a surge in aircraft orders, but Core still beat -0.2% vs -0.2%.
- Q4 GDP 2.9% vs 2.6% exp, and Price Index 3.5% vs 3.3% exp, growth anchored by a strong consumer.
Tesla brings a bullish tailwind across markets +9%, despite missing revenues. Projects production at 50% CAGR.
If you get the Dollar right, you will get a lot of things right. Asset Managers/Institutions/Funds have their largest long position in the Euro since May 2021, literally a week before the Euro began a drop of 22% over 18 months.

E-mini S&P (March) / NQ (March)

S&P, yesterday’s close: Settled at 4032.00, down 0.75

NQ, yesterday’s close: Settled at 11,873.25, down 35.25

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NQ (March)

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If You Get the Dollar Right, You Get a Lot Right| Morning Express | 1/26/2023

Posted: Jan. 26, 2023, 9:20 a.m.

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