The correlation between stocks and bonds just turned negative (normal) for the first time in 2 months… (not ended well in the past)
And it appears risk-parity funds are under pressure to delever – US equity and bond markets are being dumped as the USD index rallies this morning.
Cable's collapse and a plunge in SEK have pushed the USD Index back up towards 8 month highs and US equities back into the red for the day…
Pushing the USD Index back towards 99.00…
And stocks don't love it…
As risk parity unwinds accelerate.
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