Raoul Pal @RaoulGMI Founder/CEO - Global Macro Investor and Real Vision Group, Business Cycle Economist, Investment Strategist, Economic Historian, Traveller and Rum Drinker.. Jul. 02, 2018 1 min read

A LOT going on in FX world... $JPY looks like it might be the next show to drop and no one has a position. The RMB move is a catalyst. 1/

This is the longer term chart, which I think will become crucial over the next few years. 2/

Japan can not allow for the Yen to be uncompetitive while the rest of the Asian currencies get smoked... there is a HUGE top forming in the ADXY. 3/

And the Euro chart looks simply awful and a re-run of the 1990's. 4/

This is knocking on to Emerging Market Bonds $EMB which has a GMI crash pattern formation.... 5/

And also to Junk Bonds, which have broken key supports... $JNK 6/

Which adds to my fears about the effects on EU banks too...7/

Its a very macro world out there. I have been writing about all of this for sometime in Global Macro Investor and Macro Insiders - something feels very "wrong". 8/


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