The Dollar Bet Nobody Is Naming

While everyone is watching the headline number, the real signal is moving through the Fed, Treasury, and liquidity map. Citigroup strategists are bearish on the dollar, and that matters less because of the name attached than because the trade is now visible enough to be priced. In my audit work, I learned early that public macro views are rarely the trade itself. They are the trade after the trade has already begun moving. Watch the order book, not the headline.