Macro Outlook - 6 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.
The US Dollar continues to emerge hesitatingly out of an 80 day cycle trough and 10 Year notes continue lower. In risk assets ES, NI, TY and BTC we are looking for continued expansions towards respective 40 day cycle peaks. We think Gold has topped and is simply working its way through a minor peak now before another jolt lower. Oil may be in a major cycle trough zone, but it could take time to work itself out and translate into a meaningful advance.
