USD: Using USD Setback to Buy. Bullish. Watch: Fed’s Yellen Speech, Housing Starts, Univ. Michigan Conf., CPI. We remain bullish on USD and see the recent setback as providing a buying opportunity, especially against the high yield currencies. Falling inflation expectations and weaker activity data have pushed equities and USD lower. USD has traded like an asset currency – going up when assets have moved higher and vice versa. However, the US running the largest gross asset position globally suggests that the asset-USD relationship is asymmetric. This week the CPI print will be important. EUR: Structural Decline ... (full story)