Relative breakout vs S&P will be a game changer!

Tracking very closely this chart over the coming weeks...we are aligning for a very different landscape across the board with the next stages in the cycle.

Dollar devaluation is coming. The titanic is turning, it will not be fast but the fundamentals are on our side. Uncertainties around global trade has caused a demand shock which hampers inflation expectations and forced the Fed hand. The window has been opened for a 50bps July cut which will be enough to keep the USD off its highs and create a virtuous circle that helps global trade and EM. In the meantime... Gold is miles ahead.