Well, we use beautiful loosely, not so much in terms of aesthetics, but rather how well it makes the point: The point here is that basically the only thing that matters for the dollar is whether the economy is robust. When it is robust, the dollar weakens, as people hunt for risk elsewhere. When the economy weakens, the dollar rises, as people pull back for risk.
You know this has been the pattern day in and day out, but it’s also been the pattern for years now.
From Morgan Stanley, the dollar index (DXY) vs. the leading indicators, with the dollar index inverted.
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