奧德被拒絕了！

您需要美元才能購買我們的資產。

You need US dollars to buy US assets.

您需要美元才能購買我們的資產。

AUD rejected!

奧德被拒絕了！

Lead boots were made for walking.

鉛靴是為行走而製作的。

Three black crows for gold. Oil bust.

三個黑烏鴉。石油胸圍。

Metals meh.

金屬嗯。

Mining meh.

採礦。

EM meh.

在梅。

Junk sees sunny uplands ahead.

垃圾看到陽光明媚的高地。

Yields are helping now. Thank Saudi.

產量現在有所幫助。謝謝沙特。

Stocks to the moon!

股票上的月球！

The AUD has turned into the world’s first Costanza coin. It now does the opposite to what it should every day.

AUD變成了世界上第一枚Costanza硬幣。現在，它與每天應該做的相反。

If risk is on, it falls. If risk is off, it rises.

如果風險啟動，它會下降。如果風險熄滅，它會上升。

Do the opposite. Goldman.

相反。高盛。

USD: No quiet time.We think the Dollar’s sputtering response to the evolving One Big Beautiful Bill can mostly be attributed to bad timing.

美元：沒有安靜的時間。我們認為美元對不斷發展的一個美麗賬單的濺射反應主要歸因於不良時機。

The deficit details look close to expectations, and typically in G10 economies fiscal support together with higher yields is a recipe for currency strength.

赤字細節看起來接近期望，通常在G10經濟體的財政支持以及較高的收益率是貨幣強度的秘訣。

In that context, the Dollar’s response to “big and beautiful” so far has been small, but ugly.

在這種情況下，到目前為止，美元對“大而美麗”的反應很小，但醜陋。

The timing of the budget process has led the market to focus on the US’s large and persistent deficit financing needs at a time when investors were already eyeing the durability of foreign demand for US assets.

預算流程的時機使市場在投資者已經關注外國對美國資產需求的持久性的時候，集中於美國的龐大且持續的赤字融資需求。

This has once again led to an EM-likecross-asset response to the news flow.

這再次導致了對新聞流的EM-Likecross資料回應。

Yields have clamed down in the last few days cutting DXY a break. I put this largely down to oil, which is playing a key role now in suppressing the child president’s tarifflation.

在過去的幾天裡，收率已降低了DXY的休息。我將這主要歸結為石油，這在抑制兒童總統的關稅方面起著關鍵作用。

How long does Constanza Coin last? For the time being at least. The child president is still the only variable in town so doing the opposite – buying DXY when he’s not spitting the dummy and selling it when he does – remains the forex reaction function.

Constanza硬幣持續了多長時間？暫時至少是。兒童總統仍然是鎮上唯一的變量，因此相反 - 當DXY不吐痰時購買並在他做的時候出售它時，他仍然是外匯反應功能。

AUD do the opposite!

aud做相反的事情！