The exponential gains in stocks have stalled, even as the U.S. dollar (USD) continues a linear reversal and oil continues to rocket higher into the OPEC meeting Thursday. The euro rebuilds and the Chinese yuan takes the headlines, writes Bob Savage Tuesday.

The curve and slope of risk continues to make for a very unpleasant ride for investors with hairpin turns, roller coaster inclines of worry, and questionable drivers. The inversion of the U.S. rate curve throws many into a negative growth spin.

Headlines overnight didn’t help anyone forget that they are in car without a seat belt – starting with Trump naming trade rep Lighthizer as the lead negotiator for a China trade deal over the next three months.

Related: Uncertainty surrounds White House agreements on trade with China, North America, reports the Washington Post.

NATO meets today to talk about Russia and the Ukraine.

The UK can reverse its Brexit decision unilaterally according to the ECJ opinion – adding to the view that December 11 could be the end of UK Theresa May government but also another way out of the Brexit mess with another referendum.

The French PM Macron confirms the government is suspending fuel-tax hikes but the yellow-vest protestors balk at talks.

These headlines matter but the focus is on the fragile truce of trade and growth still with the USD reflecting the doubts about U.S. divergence being central.

The euro (EUR) is breaking out of its recent downdraft with 1.15 next while the Chinese yuan (CNY) grabs all the headlines as it’s fixed stronger and runs nearly 1% stronger – watching 6.75 and 6.50 next. For most, CNY represents a measure of China growth and Xi success at home, for others it’s a risk barometer for all of Asia as it sets the export/growth tones that drive 2019 investment plans.

The break of the USD uptrend here means something more than today’s curves.

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