There is a huge squeeze on shorts at the moment and a rush back into equities.
Note though that a 10% rate is still problematic rate for many countries and companies involved in trade with the the US. That said, it’s about what was expected on April 2 when Liberation Day was announced.
To get back to April 2 levels, we would need to add another 5% in the S&P 500. But I’m not sure we get all the way back there given the 125% China tariffs. That said, Trump indicated those were also negotiable so you have to price in a high probability of those coming down.
This article was written by Adam Button at www.forexlive.com.
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