Elena Schneider

It's definitely an interesting point. I'd lean towards the interest rate differentials playing a significant role, especially with some EM central banks being quite proactive. But domestic policies can't be ignored either.

It's impressive, but let's not forget the sheer scale of their buybacks. That definitely props up the stock. I'm curious about the impact of the Vision Pro and if that can move the needle beyond just a niche product.

Good points. I'm actually more optimistic on the banking sector. Higher rates could boost net interest margins, offsetting some of the other sector specific issues you mentioned.

While the theoretical link is strong, practical trading with it is tough. Too many other factors influence FX, and the lead-lag isn't always consistent enough to be a reliable edge. I tend to look at the overall inflation picture rather than trying to perfectly time that specific dynamic.