Monday Macro Note: Navigating 'K2' - It's the Yen's Show, Vision Update

In this brief Monday Macro note - Six provides an update from the Vision Desk on what's occurring with markets, and we discuss continued Yen pressures.

Good Monday evening MacroEdge Readers & Community,

Tonight we’ll dive into ‘Navigating K2’ - including Our Toolkit, It’s the Yen’s Show, & a Vision update. Sentiment really got sour into close - particularly with retail investors - as the entire ‘pop’ and crypto pump & dump from Sunday faded entirely. If you have yet to read my article from a week ago ‘Standing on K2’, discussing all of the risks we’re seeing today, you can do so here:

The Yen continues to drive the show, which we’ll cover briefly below, and stay tuned for our Midweek Macro Note where we’ll cover our Friday NFP Preview, and more.

Yen is in the Driver’s Seat - Headwind to US Tech & Crypto

As we’ve covered since February - the Yen presents itself as a major headwind this year to further equity upside - particularly in tech - and in cryptocurrency markets. I think in the short term - outside of the nonfarm report this week & comments from Uchida at the BoJ - a stronger Yen is the biggest risk for further equity downside.