While Trump's latest Powell lashing on twitter was most notable for the dramatic criticism of the Fed chair, after Trump said "My only question is, who is our bigger enemy, Jay Powel or Chairman Xi?", what was far more interesting in the Trump tweet and what got far less attention, was Trump's disclosure that the Fed is speaking "without knowing or asking what I am doing, which will be announced shortly."

The question, of course, is what will Trump be announcing that the Fed is still not privy of, with speculation spreading among trading desks that, as discussed last night, Trump may have had enough of a soaring dollar, which just hit an all time high against in trade weighted terms, and will instruct the Treasury's Exchange Stabiliziation Fund to intervene, potentially by buying yuan in the offshore market, to devalue the USD against the Chinese currency.

Sure enough, one look at the suddenly plunging dollar and it's immediately clear that traders are suddenly terrified that the US may take aggressive - and unilateral - action against the USD "shortly."

As a reminder, last night we reported that China warned that "US Currency Intervention Would Lead To "Market Turmoil" And "Unprecedented Political Fallout", and as we noted, a unilateral move by the US - highlighted in the middle column in the Morgan Stanley table below - would inflame not just policymakers in Beijing but in Europe too, as Washington could be deemed to be in breach of the commitment among G20 nations to avoid competitive devaluations.