I’m leveraging off the market’s deleveraging
As carry de-risks across the system, the dollar becomes the natural risk-on expression of that unwind — not because it’s speculative, but because it sits at the center of settlement.
Triple Swap: A Bloodbath Close for Overextended Carry
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Wednesday rollover (close) can be the catalyst that turns an already-fragile tape into a late-day sell burst—especially if USD firms and close flow is net sell.
When the field is forced to reduce risk, their exits become my synthetic leverage.
Is gold meaningfully reducing BRICS FX dependence? Nope.
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If gold can surge and still remain a small share of China’s reserves, that’s not “de-dollarization” — it’s proof that USD liquidity is still the operating system of trade.
Distance from all-time highs isn’t just descriptive.
Distance from all-time highs functions …
