It was a year ago when the US Dollar had topped and the S&P 500 carved out a bottom. At the time, it seemed low probability as US inflation remained brisk and the trends that were aggressively in-place in the first nine months of the year started to soften around the Q4 open. EUR/USD played a large role here and for that we can draw back to the European Central Bank, who had remained skittish for much of last year regarding inflation and rate hikes for fear of hitting growth in the economy. But the ECB finally started to ramp up hikes last September, and that continued through the 2023 open and that helped to ... (full story)