Our expectations continue to be that the dollar will take another trip lower through the bottom of its long-term range, which will create a tailwind behind both emerging markets, precious metals and inflation expectations downstream.
Although our catalysts for a more material correction in the equity markets galvanized earlier in the week, the old performance tell-tales of stabilizing and reaccelerating growth outside the US are evident. For instance, in a typical risk-off environment you would never see either emerging markets or the Aussie outperforming. Both have - and our expectations remain consistent with our earlier views this summer.