Bloomberg USD

Entering 2017, the USD had been up four years running on a broad trade-weighted basis with 8.6% gains in 2014, 10.7% appreciation in 2015 and a more modest 3.0% move in 2016.

That last year was a less dramatic move, but from May 2nd lows to the 15+ year peak on January 7th, the buck was up almost 9.3% or 14.5% at an annual pace.

Unfortunately for greenback bulls, things have gone wildly off-script since.

One week after RBC's Charlie McElligott pointed out that the "someone is going to get hurt badly" in the upcoming clash between leveraged and real money investors in 5Y bonds, whose divergent opinions on the future of interest rates, and thus inflation, has reached record levels...