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Synthetic FX View--Macro and Prices
An escalation of threatening rhetoric by the United States and North Korea emerged as the key driver last week. The US was unable to build on the success it enjoyed at the UN on August 5 when the Security Council unanimously voted to impose the stiffest sanctions to date on North Korea. Even if President Trump's "fire and fury" threat was more visceral than strategic initially, there have been several opportunities to backtrack, and instead, the administration seemed to double down. Many observers in the US draw parallels with the Cuban Missile Crisis when the Soviet Union tried to install nuclear missiles in Cuba. ... (full story)