We come up against the last case in variation for the move, erroneously described as a surrender. To put simply after the impressive sizings its time to start paying close attention for early signs of a breakout. While to the downside it would take a break of 1.675 to call for reassessment in the view.
Those with a background in fixed income will know alarm bells are ringing louder than usual in bond markets with wages ticking higher than mortgage rates. This is not sustainable and when danger threatens and the crowd does not smell it, don't stand like a sheep, rather run like a deer.
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