USD closes lowest weekly candle since April 2022, Fed’s influence less significant.US 3-month Treasury 18-month Foward suggests soft landing unlikely.

USD has just closed its lowest weekly candle since April 2022

With the break of key support and a bearish MACD cross, downward momentum looks dominant pic.twitter.com/Y7OhawkHjX

— Game of Trades (@GameofTrades_) July 18, 2023

2-year Treasury yield and USD have significantly diverged

Signaling that the Fed has mattered less to the Dollar in 2023 pic.twitter.com/CFsDKmAvYv

— Game of Trades (@GameofTrades_) July 18, 2023

Inflation is dead bros!

Isn’t it? t.co/aLHKu7XZ4k

— The Macro Guy (@SagarSinghSetia) July 18, 2023

While the summer of disinflation is still looking good, unfortunately we'll get a boost to medical care services in the October CPI report (in Nov), as the health insurance index swings from about -4% to +1.1%. Could push the core into the low 0.3% area.

— Omair Sharif (@fcastofthemonth) July 18, 2023

The US 3-month Treasury 18 mo Foward minus the 3-month Treasury doesn't seem to think a soft landing is coming pic.twitter.com/rfdY80MQNy

— Michael J. Kramer (@MichaelMOTTCM) July 17, 2023

US industrial production fell 0.5% in June vs May’s negatively revised 0.5% decline; manufacturing and utilities output fell 0.3% and 2.6% respectively