US dollar leads the way today
The fast money Fed trade is to buy the US dollar on anticipation of a rate hike. But what happens afterwards?
The US dollar is the top performer today, gaining an almost-identical 0.65% against the yen, franc, pound, euro and Australian dollar. To me that says today's action is purely about US dollar positioning.
So if traders are buying up dollars in anticipation of a hike and a spike. What will they do afterwards?
My guess is that at around this time tomorrow, anyone who bought dollars today will be selling.
