There is just too much economic confusion in the latest tweet from Trump to even begin to explain it, so we will just point out that moments ago Trump, in this case definitely not under the advice of Larry Kudlow, accused China and Russia of "playing the currency devaluation game", at a time of rising interest rates, which Trump slammed as "not acceptable."

Without going too deep - as we would never get out - it is worth noting three things.

First: in the Treasury's just released report on FX manipulation, neither China nor Russia were accused of devaluing their currencies. If Trump has a problem with Beijing's or Moscow's FX policies, he should probably first instruct his treasury.

Second, both currencies have been strengthening for over two years, and only saw a modest loss in value just very recently.