Antipodean Capital Macro Strategy Daily Feb 14 - Weak EU IP and a better than expected US CPI see the USD reverse yesterdays gains and drive to a new high. US still looks better than EU, at least for now.

Summary: Markets passed time near this weeks highs last night, with slightly stronger US CPI data and some less than dovish commentary from the Fed’s Harker suggesting that 1 or 2 further hikes might be in order. The Fed’s Bostic argued that the Fed could take their time. That plus very weak EU IP data (-4.7%) saw the USD rise and the EUR fall. This sank commodities and precious metals prices.

New trades: Long USD Index at 96.70 stopped again at 97.20 (-0.5%).
FX: Short AUD .7170 risk .72 target sub .70. Sold USD Index at 96.40 risk 97 target 94.
BONDS: Long 2 units ASX Banks 5yr CDS at 54bps, target 140. Long NZ 10s sold NZ 2s at 104bps risk 130bps target 50bps. Sold Portugal 10yr bought German Bund at 158bps, risk 110bps target 350bps. Sold HYG at 84.81 risk 85.25 target 79.
EQUITIES: Long ASX All Ordinaries Top 100, Short ASX Small Ordinaries at 0.81x ratio. Sold Transports 10198 risk 10500 target 8500. Bought March VIX 17.42%. Sold ASX200 at 6060 risk 6110 target 5600.
COMMODITIES. Long Silver short Gold at 83.9x risk 87 target 65. Sold Copper at 2.83 risk 2.90 target 2.50. Bought Gold at 1314 risk 1304 target 1350. Bought Silver at 15.82 risk 15.64 target 17.