Courtesy of Mish.
Has anyone noticed the slow decay in the US dollar? If not, here it is in pictures.
US Dollar Index Weekly Chart
click on chart for sharper image
As shown above, the US dollar slid from 85 to 79 since July 2013. Looking back a bit further, the US dollar has been range-bound between 89 and 72 since April of 2010
A monthly chart shows the dollar has been range-bound between 71 and 89 since 2008. Going back even further, the dollar has been range-bound between 92 and 71 since 2004.
Thus, there is nothing unusual about the dollar index at 79 where it sit now, except for the silence and other peculiarities.
Silence is Telling
Typically, every time the dollar declines, dollar bears and hyperinflationists come out of the woodwork chanting the death of the dollar.
Today I hear curious silence. And that’s not all.
Consensus opinion says the Fed will continue tapering then start hiking. In theory, that should be dollar supportive. But it hasn’t been.
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