Dollar Moves Force Hedgeye to Reassess Currency Positioning

Hedgeye's Keith McCullough has called out Jackson Hole as 'a taxpayer vacation funded by you' for Fed bureaucrats and their media entourage.

The more important takeaway for investors, however, was what happened around the speech given by Fed Chair Kevin Warsh. The U.S. dollar made a significant move heading into and out of the gathering, forcing McCullough to adjust his currency positioning.

He was stopped out of his long Japanese yen position and ultimately covered his U.S. dollar short and bought more gold. This change in positioning is crucial for investors who follow McCullough's insights on The Macro Show every weekday at 9AM ET.