Bloomberg Dollar

It appears the false narrative of the failed healthcare reform bill being somehow great news for stocks has been eviscerated in early Asia trading. The dollar has tumbled to its lowest since Nov 10th, Gold has ripped back above $1250, and S&P futures have plunged to 6 week lows.

The Bloomberg Dollar Index has almost erased the entire post-Trump-election gains...

US equity futures are tumbling - Dow is down over 700 points from its highs...

And gold is back above $1250...

"Good Day Sir..."

Another day, another headline-algo game... Dow is down over 600 points from record highs

The Bloomberg Dollar Index has given up almost three-quarters of the post-Trump-election gains - having tumbled for 5 days straight. However, with seemingly everything on the line in Thursday's Obamacare repeal vote, the USD index is within 1% of two crucial technical levels.

1215-1217 is a critical level of support for the Bloomberg Dollar Index...

The intersection of the 200-day moving average and a major fibonacci retracement level.

As a reminder, speculators are still extremely net long Dollars...

On Jan 11th, RBC's head of cross asset strategy Charlie McElligott wrote of "THE SINGLE-LARGEST MACRO INPUT RISK TO THE BUYSIDE," where he stated that the USD was the most important asset to the direct of the reflation trade and general macro positioning.

Since The Fed's 'dovish' rate hike last week, the dollar index has been tumbling. Today's drop takes the greenback to its weakest since Nov 10th - almost erasing the entire post-Trump gain.

This is the 5th down day in a row for the Bloomberg Dollar Index

This is the biggest 5-day decline since March 2015 and The Dollar is now unchanged in 2 years...

Finally we note that DXY is less than 100 once again...