DBD Strategy Daily - GLOBAL MACRO : the week to come
The Dollar Index is once again testing the important resistance at 95.53. We think that this signal should come with rising Bonds on both sides of the Atlantic. The MSCI World also seems ready to pass its resistance and join its January all-time high. Are those three trends possible at the same time? We doubt so, but we have to acknowledge that this is what it "looks" like for the time being. US indices are so strong that going against that trend is very dangerous. Yet, the patterns on Bonds and the Dollar are very well constructed and their probability to rise is very high as they are inserted in bullish trends. Either we face an ugly surprise (China already sounded the death knell a couple of years ago); either we do not have those breakouts on bonds and the dollar and August will allow for an equity rally with other assets remaining in consolidations.
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