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💵Dollar Trading Breaks Up With Risk: Cable FX Macro

  • The recent dollar strength met a continuation of the risk asset rally that started since November. The last two months of last year saw our measure of the greenback drop to near YTD lows

  • RDDXY declined by 4.2% in both November and December trading, these were the worst months seen in a year

  • Historically, USD and risk correlations have been negative, a short-term coefficient ticked at around 60% at the end of 2023

  • We’re now looking at a break-up of the historical relationship as the dollar reverses the November/December losses and equities rise to record highs


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