As clearly seen on the US Dollar Index chart, Mr. Floyd’s death on May 25th (plus the domestic and international protests it triggered) sparked a remarkably clear decline in the US dollar. The stunning call by President Trump on June 1st for the military to “dominate” America’s streets which was even more astonishing when Secretary of Defense Esper declined his request the next day.

These developments are putting the US dollar’s institutional credibility at risk - exactly when trade and fiscal deficits are accelerating. Moreover, the OECD announced today that the negotiations on a digital sales tax are faltering and could result in the US getting into a global trader war with multiple countries. www.macroESG.com #macroESG

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