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News Story Source: https://www.zerohedge.com by Richard Breslow
There have been assets that have defied expectations. The dollar, hanging in as well as it has, goes into that bucket. And trades that simply worked without a great deal of drama. Emerging-market currencies have done that despite being a very popular expression of risk. While the price action doesn't fit the story line, it makes plenty of sense in retrospect. The BTP-bund spread is a poster child for this.
Of course, I would be remiss not to mention the profound shift from central banks, especially the Fed, to a dovish stance. The word they prefer to use is "patient". That's a euphemism. What they really mean, but can't say, is "wary." Which should, and maybe at some point will, add a modicum of caution to investor behavior.
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