In a week where the USD is celebrating its longest rally streak in 9 years with 8 consecutive weeks of outperforming currency peers, it’s noteworthy how both commodities have remained resilient and energy managed to rally

Not only does this reinforce our US bull case, but it also lends support to my recent bearish stance on emerging markets (see here)- US imports being down some 5% on a YoY basis for Q2 is not exactly helping struggling players here either.

Chart 1: USD & Oil

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