Its happening. The USD is coming lower, which we assumed it was about to since we saw stocks bullish, despite hawkish Powell two weeks back on ECB Forum.
Then, the equities did not see any serious drop, so it appears that speculators were convinced that sooner or later, FED will stop its hawkish policy. This is now even more "true" after the latest US CPI data that came down to 3%. So USD broke the 2023 lows while other assets are recovering, including gold, as USDCNH turns down.
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Grega
https://twitter.com/GregaHorvatFX