October 23, 2026

Macro Observation

  • By Tavi Costa, Founder & CEO
  • 12 min read

The muted response of the dollar was arguably the most important thing today.

Macro Observation

The muted response of the dollar was arguably the most important thing today.

So much for the idea that every selloff sends investors rushing into the US dollar because liquidity becomes king.

Treasuries aside, the dollar would normally have caught a strong bid during a selloff like this.

Instead, against several currencies, it went the other way.

Yes... it’s only one day…. but it deserves attention.

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In this report, I wanted to share a few thoughts on today’s market moves and highlight some important changes I’m making to my Brazil exposure.

Hope you enjoy.

The image displays a U.S. Dollar (DXY) monthly candlestick chart with the current value at 101.659, showing a downward trend.

AI-generated content may be incorrect.
Sincerely,

Tavi Costa | Chief Executive Officer
Azuria Capital LLC
[email protected]

Important Disclosures

This research report has been prepared for informational purposes only and does not constitute an offer or solicitation to buy or sell any security or other financial instrument, or to participate in any trading strategy. The information contained herein has been obtained from sources believed to be reliable, but Azuria Capital LLC makes no representation or warranty, express or implied, as to its accuracy or completeness. Any opinions or estimates contained in this report are current as of the date of this report and are subject to change without notice. Past performance is not indicative of future results. Investors should consider this report as only a single factor in making their investment decision and should obtain independent financial, legal, and tax advice before making any investment decision.

Investment in financial instruments involves significant risk, including the possible loss of principal. The value of and income from any investment may fluctuate and may be affected by changes in interest rates, foreign exchange rates, credit conditions, and the price or volatility of underlying instruments. Certain investments may be speculative, may involve substantial risks, and are not suitable for all investors. Before acting on any information in this report, investors should evaluate whether it is suitable for their particular circumstances and consider consulting their own professional advisers.

Azuria Capital LLC, its affiliates, and/or their respective directors, officers, and employees may, from time to time, have long or short positions in, act as market‑maker for, or buy and sell the securities or derivatives (including options) of the issuers mentioned in this report.

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