DCHF - Caution As Last Part Of Corrective Phase Could Be The Most Impulsive

We anticipated and have been tracking the corrective or consolidative phase in the foreign exchange market since shortly after the unexpected surge in US non-farm payrolls reported on June 5. That phase may not be over yet, and the quarter-end adjustments are a wildcard. Many expect large equity sales after strong rallies that were all the more incredible given the deep contractions most economies are expected to report for Q2. The MSCI indices for developed economies and emerging markets have risen by around 18% since the end of March. However, our reading of the

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