THE TOP IN THE US DOLLAR
And why the 'tourist is buying long-term FX vol
This post will not be popular. If there is one thing that almost all market participants agree on, it’s that the US dollar is the “cleanest shirt in the dirty laundry pile.” Or some version of “where else are you going to put your money? The other countries are uninvestable.” When consensus is this overwhelming, I can’t help but start looking for opport…