The US dollar is having its cake and eating it too...for now.

Today, we look at the drivers of the stronger US dollar as it pulls to new highs for the year and what may be holding back USDJPY from participating in the greenback rally as those forty-year highs from 2024 approach. Elsewhere, yesterday's US equity market session was so far mostly only a one-off meltdown in high momentum stocks, with the median stock positive on the day. Massive interest and potential implications in how the market reacts to Micron earnings after the US equity market close today. This and more on today's pod, which is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

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• WSJ looks at China's attempt to "lure the world to the yuan" - and it's not just Iran and Russia that is taking the bait.

About twice per week (in normal times, hopefully soon to resume), you will find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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