United States

Authored by The Saker,

US Special Forces have been filmed fighting ISIS on the front-lines in Syria, despite assurances from the Pentagon that soldiers were not engaging in the conflict.  The fighters were seen alongside the Kurdish militia in northern Syria who are attempting to drive ISIS out of the city of Raqqa. RT.com reports: A photographer for Agence France-Presse (AFP) took pictures of the American special operatives in what The Washington Post identified as the village of Fatisah, roughly 30 miles (48 km) north of Raqqa.

While still relatively low, USA sovereign CDS spreads have risen to 8-month highs, surging off early March lows. The reasons are likely numerous though we suggest the 4 surges in the last 3 months appear to line up with notable 'events'...

While correlation does not imply causation, it does waggle its eyebrows suggestively and gesture furtively while mouthing "look over here."

Note: Sovereign CDS represent a combination both default and devaluation risks.

Donald Trump's intention to build a wall along the southern border of the United States is well known, and the presumptive Republican presidential nominee has even released his plan on how the US would be able to make Mexico pay for it.

Donald Trump is good for the markets, and good for the US Dollar.  Donald Trump - is net positive for FX.  The reason why, is very simple.  Readers of Splitting Pennies would have come to this conclusion on their own.  Love or hate Trump, he's not a politician.  Some say, he's worse than a politician.  But he's not a career politician.  The Dud-Fag act (The Dodd–Frank Wall Street Reform and Consumer Protection Act (Pub.L. 111–203, H.R. 4173; commonly referred to as Dud-Fag) put a choke hold on the budding FX market in USA.