奥德被拒绝了！

您需要美元才能购买我们的资产。

You need US dollars to buy US assets.

您需要美元才能购买我们的资产。

AUD rejected!

奥德被拒绝了！

Lead boots were made for walking.

铅靴是为行走而制作的。

Three black crows for gold. Oil bust.

三个黑乌鸦。石油胸围。

Metals meh.

金属嗯。

Mining meh.

采矿。

EM meh.

在梅。

Junk sees sunny uplands ahead.

垃圾看到阳光明媚的高地。

Yields are helping now. Thank Saudi.

产量现在有所帮助。谢谢沙特。

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变成了世界上第一枚Costanza硬币。现在，它与每天应该做的相反。

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

如果风险启动，它会下降。如果风险熄灭，它会上升。

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：没有安静的时间。我们认为美元对不断发展的一个美丽账单的溅射反应主要归因于不良时机。

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

赤字细节看起来接近期望，通常在G10经济体的财政支持以及较高的收益率是货币强度的秘诀。

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

在这种情况下，到目前为止，美元对“大而美丽”的反应很小，但丑陋。

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.

预算流程的时机使市场在投资者已经关注外国对美国资产需求的持久性的时候，集中于美国的庞大且持续的赤字融资需求。

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

这再次导致了对新闻流的EM-Likecross资料回应。

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.

在过去的几天里，收率已降低了DXY的休息。我将这主要归结为石油，这在抑制儿童总统的关税方面起着关键作用。

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硬币持续了多长时间？暂时至少是。儿童总统仍然是镇上唯一的变量，因此相反 - 当DXY不吐痰时购买并在他做的时候出售它时，他仍然是外汇反应功能。

AUD do the opposite!

aud做相反的事情！