Steno Signals #183 – The Pain Trade is a Weaker USD, While China Could Surprise on the Upside

569 Views03 Feb 2025 13:38

SUMMARY

Happy Sunday, everyone, and welcome to our weekly editorial on all things macro.
Everyone I’ve spoken to today has asked me, “How would you go long the USD at the Wellington open?” That, in itself, says a lot about sentiment.
I’m currently making my way home from the U.S. after meeting with a ton of investors over the past three days, and I’ve come away with the view that a weaker USD is now the pain trade.

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