The US dollar has emerged as the clear winner of the week’s magical mystery tour of international central banks, with record high Wall Street and global equities receiving a shot across the bow from Apple’s antitrust collapse.

The week’s central bank readouts revealed a surprise rate decrease in Switzerland, cuts in Mexico and Brazil, and an uncharacteristically dovish Bank of England tilt, raising the prospect of a UK rate cut in June.

The Bank of Japan eventually began ‘normalising’ in the opposite direction, and Taiwan’s central bank surprised with an increase.

The general trend is a global central bank cycle that has reversed before the Federal Reserve begins.

The dollar index reached its highest level in over a month, having risen more than 2% since its lows in March.

The US Treasuries halted, indicating a firmer Fed horizon beyond this year, with two-year rates rising beyond 4.60%.