There’s been a lot of discussion recently about $ strength preventing risk assets from making new highs. I don’t dispute the fact – it’s pretty obvious that we’re losing badly in the battle for competitive devaluation that global central banks have embarked upon. But it’s even worse than the headlines might suggest: where the real damage is being done is in FX forward markets. In some cases, 12mth $ funding has more than doubled in the last two months alone. #China #Europe #Canada, etc.