Instead of Taco - which stands for “Trump always chickens out” - Nacho is now starting to spread. It stands for “Not a chance Hormuz opens.”
Nacho has spread from traders to pundits to describe growing skepticism about President Donald Trump's claims that the war-blocked Strait of Hormuz - which is normally traversed by ships carrying 20 percent of the world's oil and gas - could soon be opened.
"It's basically about the market starting to lose hope for a quick solution," Zavier Wong, a market analyst at the firm eToro, told CNBC.
