Is Everyone Wrong About the Dollar? | Macro Mondays

Andreas Steno and Mikkel Rosenvold are back in an episode of Macro Mondays that covers why everyone is wrong-footed on U. S. dollar positioning, what the latest developments in the U. S.–Iran ceasefire are, and previews a consequential week for markets ahead, packed with Manufacturing PMI, Nonfarm Payrolls data, and Kevin Warsh's speech. 🔥 Our Biggest Sale Ever, Don't Miss the Generational Setup realvision.com/pricing Let Monarch do your financial 'spring cleaning' for you! Use code REALVISION at Monarch.com to get your first year half off at just $50. Today’s sponsor is Plus500 US. Take your trading to the next level with cross-market contracts, from precious metals to key indices, and more. Whether you’re a seasoned trader in the Futures arena or brand new, Plus500’s user-friendly trading platform offers you the advanced tools, market insights, and quick execution you’ve been looking for. Get started with Plus500 for as little as $100 at https://us.plus500.com. Trading in futures involves the risk of loss. 00:22 - Macro Mondays Returns: Dollar, Hormuz, and Kevin Warsh Preview 03:01 - June Winners and Losers: Memory Stocks, Biotech, and the Dollar05:11 - Is the Hormuz War Back On or Is Oil Still Flowing?09:11 - Is Everyone Wrong on the US Dollar?13:34 - Kevin Warsh’s Big Test: Will the Fed Pivot Again?17:42 - Jobs Report Preview: Why Payrolls Could Surprise Lower20:32 - How to Position Your Portfolio Heading Into Summer Vacation23:30 - AI Trade Check-In: Token Prices, Micron, and Memory Demand27:30 - Apple, China Memory Chips, and the Next Consumer Scarcity Risk Learn more about your ad choices. Visit podcastchoices.com/adchoices

• 0:00Speaker 00

  Sometimes it's maybe good, sometimes it's maybe shit.

• 0:21Speaker 01

  Hello there, welcome to Real Vision, welcome to Macro Monday. My name is Mikkel Rosenwall, I'm your usual host these Mondays. Finally back after a few weeks in sunny Italy. And I'm joined as usual by my co-host Andreas. Welcome to the show Andreas.

• 0:38Speaker 02

  Thanks Mikkel. Finally, the temperatures dropped a bit here in Copenhagen after, I think I knew I could hide in temperatures on Saturday. So it was a nasty weekend for us without ACs, to be honest.

• 0:53Speaker 01

  All-time highs also in temperature recordings in Denmark and dress. Not the all-time highs we were looking for maybe, but it's the ones we had. We have a great show for you today. We're going to answering some of the most red hot questions out there in markets. Are we back to a war in Hormuz? Has the dollar topped? Will the dollar top? And what is the situation in markets as we look into a week of very, very interesting, both number prints, but also a speech from Kevin Warsh that we're going to preview a little bit here and give you a sense of where we are on markets. Before we get started though, remember this show is part of Real Vision.

• 1:37Speaker 01

  We have dropped our prices to the lowest levels ever on Real Vision as part of our summer campaign. We are building a new Real Vision. It's very much community driven. You get so much value from Real Vision, whether it's on the connector for approach here. So if you've been lurking around, watching our free show, Macro Monday, maybe wanting to test out the waters at Real Vision, now is the time to go. Check out realvision.com/pricing to secure your future today, in my opinion. That's some very, very good offers. I was beginning to wonder, Andreas, if these price cuts had impacted our outcasting and brought the inflation measure down so much. Maybe that was the cause, but I'm not sure that Real Vision is big enough to draw that down.

• 2:20Speaker 01

  Single-handedly, even though they are very, very great discounts. Okay. Enough salesmanship here, Andreas. Remember, guys, this is our free show where we give you a sneak peek into the macro and geopolitical research that we publish on Real Vision. We try to be as actionable and concrete as possible and we, as we dive around the, the, the world of global macro. But please do remember that our opinions and analysis might be.

• 2:43Speaker 02

  Sometimes it may be good, sometimes it may be shit.

• 2:47Speaker 01

  Absolutely. Andreas, I have to say you nailed it last week with the, with the Micron quarterly reports. Was that your, was, was that your best call this month as we are heading towards the end of June? Or what, what's the one you've been most proud of?

• 3:01Speaker 02

  Well, it was a good call, but we've had a pretty volatile week and month in, in memory stocks overall. It seems like there's kind of an angst that we're approaching a top again.

• 3:14Speaker 02

  Which is, in my opinion, unsubstantiated. We can get back to that. But beneath the hood of our pro portfolio, we also had a huge multibagger development in one of our biotech healthcare old health stocks.

• 3:30Speaker 02

  Probably the first breakthrough in depression drugs in 50 years. And I'll leave that there as a cliffhanger, but yeah, it, it has, it has moved my wealth in the positive direction. Let me put it like that. And hopefully also some of our members.

• 3:47Speaker 01

  That's what we're here for, Andreas, at the end of the day. So that was the sometimes maybe good. What was sometimes maybe bad in the month of June, Andreas?

• 3:55Speaker 02

  You know, our data, data has been fairly vocal that dollar inflation is coming down. That, you know, everything related to the straight of a moves and that energy spike and, and all that has come to an end. But it's not like the market is listening, really. If you know what I mean. So I, I guess that's kind of been the flip side. We do have some positions in our portfolio, very sensitive to the dollar. And, you know, the dollar, just before we went on air here, the dollar made a new top versus the Japanese yen. It's actually the printing at the highest level since 1986, before I was born

• 4:37Speaker 02

  today. So. The dollar has been stronger than I had anticipated. That's probably been the flip side.

• 4:44Speaker 01

  Interesting address and we'll, we'll, we'll get right back to that in a, in a moment and a bit of outlook on that. But overall, a very interesting month and obviously we're, we're heading into an equally interesting June, July address. Let's pause a bit on one of the, the ongoing developments that you mentioned, the situation in Hormuz. Because, you know, I thought things were mostly done with the memorandum of our understanding, but apparently we still have a weekend war going on where there is some fighting every weekend. And then we get our Sunday hope here and everything is good again. And so we had obviously Iran is the way I see it, trying to maximize their leverage, maximize their outcome of this war. They're trying to establish some sort of control over the Strait of Hormuz,

• 5:25Speaker 01

  enabling them to, to levy sound tolls essentially to, to, to some degree. And the US is not having that. They, they've had it with, with the humiliations essentially from Trump here. As I see it and the hit back at the, the Iranians. And then on Sunday, as usual, Axios got the news. I don't know why it's always Axios, but it is. That, that attacks have been halted and the talks have, are back on. And address perhaps the most important thing to zoom in on here and to, to cut through all the noise is that some ships are still going through. We're not back to pre-war levels in the Strait of Hormuz. We might never be, or might, might, might never come there.

• 6:06Speaker 01

  And but are you worried about this from a market investor perspective? Or are you confident as long as, as ships are, are floating through?

• 6:15Speaker 02

  So, you know, everyone's short oil now. If you look at the speculators' data. So we obviously cannot cope with the major hiccup.

• 6:28Speaker 02

  Having said that, you know, the price action is still very benign in oil, also in physical markets. And the oil has been flowing pretty decently since the signing of the memorandum of our understanding. I mean, Sure, it's not like we're back to pre-war levels in terms of the transits, but we will never get back to pre-war levels. Just remember that. I mean, the bypassing is very true and the bypassing is continuing.

• 6:57Speaker 02

  We just got another reason to continue to bypass the Strait of Amos this weekend, right? I mean, on top of it, obviously, some flows are going through that we do not account for in this official data here. And I think the bigger discussion here is whether, you know, is the Omane transit route used or the Iranian transit route? Because, you know, pre-war, it wasn't really separated between the two countries, but now you basically have two shipping lanes. And the Americans, they've, they've done a lot to protect that Omane shipping lane. Also during this weekend, right, we've seen outright, you know,

• 7:40Speaker 02

  escorts, whatever you call it, of some of the ships out of the Strait of Amos. And Iranians obviously cannot live with that.

• 7:50Speaker 02

  But I think you said it a month ago, so Michael, that, you know, they've played this card now, the Iranians. It's not like we can, we cannot return to normal and pretend that this war has never happened, right?

• 8:06Speaker 02

  So, of course, a lot of the stakeholders in the region, they've, they're also trying to position themselves for this, you know, post-S Strait of Amos world.

• 8:19Speaker 02

  And, yeah, if we, unless the strike is completely closed again, I don't think we have a major issue here because we've actually managed to cope without the strike for a long while and we'll also manage to cope with a partial strike for a while, in my opinion, as long as it doesn't close again.

• 8:39Speaker 01

  Interesting address. So, so uh let's just leave it at that. We have another couple of very interesting geopolitical developments, especially in the EU-China trade relations. I'll be covering that in my The Drill article later this week on Real Vision. So, so let's leave it at that and, and, and return, address to discussing the US dollar. Um, you published your, your, your weekly flagship article this morning on is everyone wrong on the, the US dollar? Uh, arguing first of all of the, the technical outbreak of the dollar, obviously also the relation to the Kevin, Kevin Warsh's remarks. So, so maybe let. Let's just roll back a bit and address. What caused this rally in the dollar uh for the, that we've seen over the past weeks?

• 9:20Speaker 02

  So, you know, if we turn back time to Kevin Warsh's first press conference a few weeks back.

• 9:29Speaker 02

  He, you know, he, he had to take uh stage with a new set of projections, a new uh set of dot plots from, from the members of the committee. And uh if you look at it statistically.

• 9:44Speaker 02

  They've basically upped every single forecast in the direction of like a more hawkish outcome, right? Rates up. Um, while they uh, they seem more scared of inflation, right? And um all of this happened amidst, first of all. The drawdown that we've seen in inflation in our data for uh almost two months now, but also as the market pricing of inflation fill apart. Uh, and I, I'd like to show a chart on, on that exact divergence on page thirteen because.

• 10:20Speaker 02

  You know, typically central banks, and especially since Covid, uh they've. They've been very correlated to the inflation market, right? Because. Inflation has been the main worry. It's, it's kind of been the thing that they've uh used as they, as their guiding star for um. For the policy rates and, and so on and so forth. And. Yeah, I, I cannot recall a disconnect this huge between.

• 10:49Speaker 02

  You know, the rhetoric and what markets are telling you on inflation. Uh. So the rhetoric is getting more and more hawkish and inflation is coming down. Uh. So that disconnect obviously leads to leads to real rates coming higher. I mean, interest rates adjusted for expectations for uh future inflation, which is an environment that typically leads to a strong dollar. Um.

• 11:15Speaker 02

  I think this is a, you know, a classic example of what I call the generals always fight the last war syndrome. That, you know, most of the members of the committee, the last crisis that they had to deal with was an inflation crisis, right? In twenty one, twenty two, where they got things wrong. Uh. They underestimated inflation. So I think most members would not now rather

• 11:45Speaker 02

  overestimate it than underestimate it, the inflation picture, right? Because they got it wrong the other way around a few years back. Uh. And I think this chart tells you exactly that. Uh. It's pretty obvious that we had an inflation spike in uh in April and May. Uh. The big question is whether it is something that we should worry about now that the oil price is basically back to square one. Uh. And, you know, I sincerely doubt that there is a more lasting inflation picture here. Um. Our data is basically screaming that uh it is transitory. Having said that, it's not only the Fed that did this pivot uh alongside falling inflation. We we did see the same to some extent in the Eurozone.

• 12:30Speaker 02

  We did see the same to some extent in Australia, et cetera, right? Uh. The big difference here is, and that's probably why the dollar is so strong, is that, you know, coming into the Iran war, coming into the new chairmanship, we had expectations of rate cuts priced in in the U S. Um. So it's obviously been a been a big change of of the scenery from cuts to hikes um over the past month or so. Um. Is this a policy mistake? Not yet, because they haven't hiked interest rates, but it's at least a forecasting mistake.

• 13:04Speaker 02

  And I guess your next question is when will they undo this damage? And you know, I've I've spent all weekend.

• 13:10Speaker 01

  Have a chance this week.

• 13:11Speaker 02

  Yeah, they already have a chance this week. So a few things, Michael. Remember the Kevin Warsh, one of the first first things he did. He decided to cut down the number of words in the press release from the F M C. He was very vocal about the F M C having to take guidance for markets and not vice versa now. Which is basically one of, you know, Trump has been very vocal on that for a couple of years as well. So what? Where does that leave us when when inflation markets of, you know, coming down rapidly? Does that tell Kevin Warsh that he needs to respond to that?

• 13:54Speaker 02

  At least that would be my reading of things. But the market is not, it's not like the market has made the conclusion, okay, now inflation is falling. That will lead Kevin Warsh to do X, Y and Z. So I think that's the big test here. Will he admit to inflation markets already? You know, sending him a signal. Yeah, over the two weeks here, because it is admitted the probably the fastest pivot from a pivot ever, if he manages to U turn again this week.

• 14:28Speaker 03

  So a quick break in your regular programming. If you're serious about your future, grab my free report called Prepare for 2030. I think you've got five years to make as much money as possible. And this guide will help you navigate what's coming. The link is in the description. Download it now.

• 14:46Speaker 01

  And it just to me, there's an even bigger pivot here, speaking of pivots, because I thought, remember back nine, 12 months, Donald Trump and Jay Powell walking around in hard hats? It was it was a matter of is he going to jail him or jail him or shoot him? We all expected Donald Trump to put in a puppet. We all expected Donald Trump to put in someone who would just hammer down interest rates, no matter the data. That I'm paraphrasing a bit here. That's not what we have. It seems like there's no political pressure right now.

• 15:16Speaker 02

  No, at least they'll allow him some time before they they ramp up the pressure. So Wash will appear on a panel, I think it's on Wednesday in in Portugal. If I'm not mistaken, this is a B forum that they typically host before the summer vacation. I've remembered that, you know, it's only us stays that are weird enough to go on vacation now and most of you are will wait another month, right? So having said that, Meg, it is typically a very, very important conference, this one, also for the European Central Bank. So, you know, our data is as clear as it can get. I mean, on inflation, the inflation signal is incredibly strong.

• 16:03Speaker 02

  The question is just when will those in power admit to it?

• 16:10Speaker 02

  And you could, of course, argue that it would make more sense for them to wait until they have the actual confirmation, right? The actual numbers.

• 16:21Speaker 02

  From Europe, we got the Spanish inflation report, not I'm going into details on that one for June. Remember that the inflation numbers in the eurozone, they're published at month end, right? And in the US, they're published roughly two weeks later. And the core inflation in Spain was actually pretty soft. Also, when you look at the headline inflation, I think we overall have a pretty soft surprise coming in the eurozone. So, again, confirmation that our data is probably right.

• 16:56Speaker 02

  But you still to be a little bit patient here because, you know, especially given this fighting the last war syndrome. I'd argue that it makes sense for them to wait until they actually have some confirmation that inflation is coming down. It's again, it's not, it's not like Kevin Warsh has told us, okay, we're going to hike the hell out of this market, right? They just made a forecasting pivot and then. Yeah, let's see.

• 17:24Speaker 01

  At least he's not fighting a war with the president, unlike his president. That was my point here, which is quite remarkable that it seems like he's been giving sort of a honeymoon period. Or, you know, the honeymoon period Trump has created for him with the Iran war that has created this in pass of murky data. So very, very interesting address.

• 17:45Speaker 01

  We have a, aside from Washington speed, we have a couple of very interesting numbers coming up in address. Both the manufacturing PMI, we have job numbers. What do you expect this, maybe let's start with the job numbers. What do you expect this week?

• 17:58Speaker 02

  Weaker than the last couple of months. So remember, exactly a month ago, we were one of the very few to get this right. We had a pretty material job creation in leisure and hospitality, obviously related to hiring for, you know, everything from merch shops to, yeah, drop beer servants and whatever you have for the World Cup, right? So, of course, there's been a little bit of hiring within that space still in June for the World Cup, but most of it should be enterprise for for the job creation. And then overall, if you look at our tax indicators,

• 18:43Speaker 02

  which I typically like to consult ahead of job reports, we've actually seen a de-acceleration in June, also during the sample week. So my best guess is that it will be softer than last month. That is pretty well telegraphed, but I wouldn't be surprised to see it below 100K, which is below consensus. So again, here,

• 19:10Speaker 02

  most, most people and probably also most of the members of the Federal Reserve Committee concluded that the job market was re-accelerating when they met a few weeks back. And I, I think that was, that is a decently fair conclusion. But again, it looked.

• 19:28Speaker 02

  arbitrarily strong, let me put it like that because of the World Cup. Uh, and it is something that's very difficult to, you know, adjust away because you know, you don't really have any data to compare it with, right? Uh, how, how would you cease to adjust inflation or job creation for a World Cup? Um, I don't think it's possible, yeah.

• 19:51Speaker 01

  No.

• 19:53Speaker 02

  So, so it's, it's just something to consider. So I, I, you know, my, my best guess right now is that both jobs and inflation will look softer than what they have, uh, in their forecast for the next few months here.

• 20:05Speaker 01

  Yeah, again, underscoring the, uh, uh, this scenario we've been talking about. Okay, interest. You, you're telling me that we need some patience, we need some better numbers to get a, uh, uh, uh, to, to

• 20:14Speaker 02

  Yeah, worse numbers you could argue.

• 20:16Speaker 01

  Or, or worse numbers you could argue that to, for, for, to, to, to, to get a softer line out of the Fed. Um, you're heading on vacation next week, interest. Uh, I know you still, uh, you still like to be connected, that you're still online, you still like to post. You'll probably even join the show if I, if I know you're high, we'll, we'll see about that. But, but interest, how do you, uh, for the listeners out there who are, who are maybe heading into vacation in the coming weeks? Maybe in a month from now, it doesn't matter. How do you prepare for your, your portfolio? Do you, do you, do you take the gas off the, your, your foot off the gas a little bit or what do you do?

• 20:49Speaker 02

  So, this is one of, I, I get this question every single summer, uh, especially for

• 20:55Speaker 01

  I might have asked you, asked you this last year as well.

• 20:57Speaker 02

  Yeah, yeah, yeah, you probably did, but, uh, but I also get it from, you know, various institutional counterparts and so on and so forth because the interesting thing is that positioning today will likely be somewhat reversed into the vacation season. Um, so whether that's positive or negative for the market depends on the positioning coming into the vacation season. Because what you tip, what you typically see is that you lower your leverage, you lower your notionals a little bit on average into, uh, the vacation season. And when I say the vacation season, I think we're, uh, we're maybe telling the third week of July onwards, right? Um.

• 21:42Speaker 02

  So this year, um, it could be that we see a move lower in the dollar into the vacation season. It's it's a very uh popular trait to be long dollar right now. Um, it could be that we see a reversal of some of the shorts in software and metals and some of those sectors in the equity space. It could be that uh it takes a bit of steam out of the semiconductor trade, uh because that's a very popular trade, um obviously. Um, and

• 22:15Speaker 02

  yeah, it could be that we see some buying of the Japanese yen, probably the most unpopular trade at all, right? So I uh I think you need to look at sort of the scoreboard of positioning and account for the possibility that you see some positioning squaring ahead of that vacation season. There you still have a couple of weeks left before it really starts, right? Uh but that's that's typically my go to to look at the positioning ahead of the vacation uh season. I've always um designed my vacation so that I go on vacation before everyone else. And I actually like that edge because um it gives me the opportunity to be at the desk when all of

• 22:59Speaker 02

  this stuff happens. Um, of course, I'll, you know, I'll be on top of everything related to the portfolio when I'm away. Uh, I'm that kind of guy. Um, and you know, I have real money invested in this. So um, you know, I I don't sleep well if I do not track it. So I'll continue to do that, of course.

• 23:20Speaker 01

  Absolutely. Okay, Andreas, we we've had a few questions on uh some of the fundamentals, uh fundamental uh indicators in the AI trade. And we just have time to cover a few of those. You cover them in your standard signals uh article as well, Andreas. Both the token expectation uh uh index, uh which we used a lot, and also the the the DRAM spot price. Uh, still no signs of an AI slowdown as far as I can attest.

• 23:47Speaker 02

  No, and and I mean, we had a lot of discussions on whether to see this. Drawdown in the token expenditure index as a red flag overall for this trade.

• 24:00Speaker 02

  And as we showcased in last week's editorial, it is more of a story of the marginal user moving to Chinese open source models. So remember that this is the average price paid for a million tokens. So if the volume goes up and that volume to a larger extent than the month prior goes to the Chinese open source model, this average will drop, even though the volume is going up. And that's basically been the case in June. The volume is still going up.

• 24:33Speaker 02

  I guess you can.

• 24:36Speaker 02

  You can argue that it's been crystal clear if you look at a lot of other live indicators such as, you know, the rental price of Blackwells, for example, you haven't really seen the same drawdown there. You haven't seen the drawdown in memory pricing. So if we move to the memory pricing, let me just. Let me just highlight that, you know, I had a few things.

• 24:59Speaker 02

  That I think I said that last week on the show here as well, that, you know, the Micron quarterly report.

• 25:07Speaker 02

  By the way, covering. The purple area here, right? So between March and May. It wasn't the strongest quarter for the underlying spot price development.

• 25:21Speaker 02

  But see what happened since the end of that quarter, right? We've seen another acceleration. That's point number one. Point number two. And I think I got some confirmation of that is that. We probably have some sort of a front loading of the whole demand cycle for memory here due to the Iran war. Because, you know, everyone suddenly got scared that the world would run out of helium gas capacity and stuff like that. Maybe during the second half of the year. So I'm watching this spot price that will have been more or less on a daily basis because. We all know that everyone's involved in Micron and Sandisk.

• 26:04Speaker 02

  I've gotten some data from some of the trading platforms here.

• 26:11Speaker 02

  And they are the two most popular retail trades, right? So, you know, every one of their mother and probably also their dog is involved in this trade. Both on the long and the short side. I mean, you can see from the volatility over the past couple of weeks that people are in and out, in and out, and now. I mean, but, you know, the fundamental, fundamental underlying story is still accelerating.

• 26:34Speaker 02

  So I, you know, I'm, I'm still all in memory despite this volatility. But I get that if you're, if you're running institutional money,

• 26:43Speaker 02

  it's getting a little bit more difficult to, to size this because of the volatility, right? That's, that's, that's kind of the side effect of volatility that you need to run smaller positions to get the same outcome, right? So, um, yeah, we'll, we'll have to see how much juice there is left. But, uh, well, the underlying picture still looks incredible.

• 27:03Speaker 01

  Yeah, yeah. And Elon Musk and Tim Cook also talked about it over the week. This is the, the most massive price jump in everything we've ever seen.

• 27:12Speaker 02

  Maybe one comment there, Migo, because I've had a lot of questions on the Chinese competition in the memory space.

• 27:20Speaker 01

  Yeah.

• 27:20Speaker 02

  And, and I think it was Reuters that

• 27:26Speaker 02

  laid out a story two or three days ago about Apple asking Trump and his administration for, you know, access to these Chinese memory manufacturers.

• 27:41Speaker 02

  Currently, it's not allowed for Apple to put a Chinese memory chip in their phone. But, uh, yeah, they're currently asking due to the scarcity. Remember, it's because of a scarcity, those, those memories.

• 27:53Speaker 01

  Yeah. High prices enormously in their corporate.

• 27:56Speaker 02

  And, and, um, what I wanted to say is that, you know, Apple, for example, um, they have a pretty decent supply chain secured in China. So, I mean, uh, they can obviously use these Chinese suppliers in, in, in case they, uh, they're allowed to. But this is geopolitical question as well, right?

• 28:20Speaker 01

  It's becoming.

• 28:21Speaker 02

  For for now, it it's not like CMTX and and the local Chinese competitors are close to having the same yield on their memory chips as Micron and Inex. But they're getting there and you obviously want to stay ahead, right? So I'm I'm I'm actually not sure what to expect from the Trump administration on this question. If I were to guess right now, I think they'll say no.

• 28:51Speaker 01

  I think so too. I think so too, but but but it's a very, very delicate balance because you can have a shortage either, which we are essentially looking into. You have to to to take action on that because that that will begin to affect consumer products. We already saw the price hikes on iPhones and iPads, etc. So it is a very, very delicate situation, Andreas.

• 29:09Speaker 02

  And and it is, by the way, a situation that we perfectly forecasted like two or three months ago. We have a little less than a handful of of names in our consumer scarcity basket. So, yep, we're very thematically driven and we try to look one step ahead every time we get these developments. We were one of the very few to get this whole technology trade right during the Iran war due to this front-loading of demand. And in my opinion, the second half of the year is very much about the byproducts of that front-loading of the demand for AI semis, because it will impact a lot of things down the supply chain, consumer electronics, cars, what have you, because the chip scarcity is very it's it's it's very real. It's very live.

• 29:53Speaker 01

  It's alive. Absolutely, Andreas. That's all we had for you this week from Macro Mondays at Real Vision. Remember that we are running a big summer campaign at Real Vision. We've dropped our prices to the lowest level ever. So if you've been lurking around wanting to join Real Vision, now is the time to to do so. Go to realvision.com slash pricing to join up and get even more of our content. That includes both Andreas's weekly standard signals macro piece, my geopolitical piece, the drill, and obviously our portfolio update, which which is released every Friday. We also have a bunch of live shows among the contributors of Real Vision. So don't miss out on that. Check out realvision.com slash pricing.

• 30:35Speaker 01

  Thanks to you, Andreas, for joining. Thanks to everyone for for listening in. That's Macro Mondays for this week. We'll be back.

• 30:42Speaker 03

  You obviously enjoyed the episode because you're here with me at the end. But listen, don't forget to go to realvision.com/join and grab a free membership. It's an incredible community packed with alpha, great investment ideas and the research that you need to help you unfuck your future. So get started now. Go to realvision.com/join.