- In a bear market, any excuse will do, and not unexpected comments this morning from St. Louis Fed President Jim Bullard - he's worried about soft inflation and wouldn't be in favor of any more rate hikes in the near-term - are making the rounds.
- The dollar index (UUP, UDN) is lower by 0.4%, matching about a two-year low.
- Breaking out to a multi-year high is the euro (NYSEARCA:FXE), up 0.7% to $1.1882. Also showing strength vs. the greenback are the loonie (NYSEARCA:FXC), swissie (NYSEARCA:FXF), pound (NYSEARCA:FXB), aussie (NYSEARCA:FXA), and yen (NYSEARCA:FXY).
- Bloomberg's Ye Xie tallies up the dollar's stunning decline this year - particularly as the Fed (almost unilaterally among major central banks) tightens policy: The DXY is lower by 9% YTD - if it stays flat the rest of the year, it would be the largest annual drop since 2003. The dollar is also lower by at least 3% against all 16 major currencies - just the 2nd time it's fallen so far across the board. Once bear markets in the dollar start, writes Xie, they tend to last a decade. In the last two bear cycles, the dollar's trade-weighted index fell at least 40%.
- Now read: Diageo (LON:DGE): Plenty Of Upside Left After Earnings
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Dollar breaks to new lows
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