When we posted "The Dollar Is Not Acting As Though Traders Expect Tightening From The Fed" yesterday the dollar index futures (March) were at 94.665 and unbeknownst to yours truly were very close to ending their three day decline:
Of course they had to have one last hurrah to the downside into days end just to get the nail biting action going. But equities traded weaker, silver and copper ditto, and All's well that ends well, to quote the Bard.
So we'll stick by our intro:
Yesterday's 12 month CPI print of 7.0% could reasonably have been taken to foreshadow serious action on the part of the central bank, with a strengthening of the dollar being the result, but nope.
And outro:
Although enCore is right about uranium I do not know about the metals that trade more inversely to the dollar. in particular copper and silver.
One of the reasons to have mental models of the market matrix is to trigger your Spidey sense when something seems out of place, and the action in the buck these last few days sure fits that bill.
Something's up and we don't know what.
For now.
Copper is down another 0.1275 (2.80%) at 4.4185 today after settling in the red yesterday
Silver is down 0.26 (1.13%) at 22.90 after also settling red yesterday.
The DJIA is down 400 and even the Nasdaq 100 just went red to add to its 2.5% loss on Thursday.
So all is right with the world, at least in this little corner of it.
For now.
