Figure 3 – US Dollar Index 15 Minute Candles May 25, 2021 – May 26, 2021. Source tradingview.com
As we can see above, the DXY did not get sold on the bearish data releases. The data came out at 10 AM ET yesterday. In fact, it popped intraday and then slid off its highs, rebounding as the European session approached on May 26th. Interesting, right?
When data releases are bearish, and the impacted markets do not necessarily trade in the consensus direction, it takes me back to a time in 2007 – 2008. Data seemed to pour in on the bearish side, yet the equity markets just went up, up, up. More on that soon.
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