The ingredients are there for a serious breakout, but there is a critical catalyst that must make an appearance first: volatility. Normally, we would look at the economic docket or event risk that can stir the bigger fundamental themes. However, this time around, our focus must turn to a far more elemental aspect of market activity. Without it, the dollar will remain stationary, risk trends will flounder and volatility will continue to deflate to fresh five year lows.
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