Macro Morning

By Chris Becker 

Last night saw a big risk inversion on trade concerns as the Twit in Chief rolled out new steel tariffs and blamed the Fed and high USD, just as the latest ISM Manufacturing print came in with a surprise fall and contraction, particularly in employment. The USD tanked as a result, sending Euro and Aussie sharply higher while the Asian risk proxy USDJPY slumped, pulling Wall Street down by nearly 1% across the board. It’s going to be a sea of red across Asia today.

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