Macro Outlook - 12 May 2025
You will come across specific terms in these notes (FLD, VTL, and so on). Rather than explain them each time, you will find definitions here: guidance notes for Hurst cycles terminology.
A meaningful rotation higher is underway with the US Dollar and USDJPY and perhaps anachronistically Oil. Copper we see as broadly down, but nearing an intermediate low. Equity indices higher, but nearing a 40 day cycle peak still. Gold we see in continued decline near term.
