Editor's Note: Below is a brief note written earlier today by Hedgeye CEO Keith McCullough. Our macro team will provide a deeper update this weekend.
After a -2.4% down week, the US Dollar selling continues this morning, by another -0.8%. While there haven't been many pullbacks to signal buy on in the last 6 months, this appears to be one of them.
US Dollar Index (and UUP) are signaling immediate-term TRADE oversold within its bullish intermediate-term TREND.
Europe and Japan have worked hard to devalue their respective currencies. I expect both of them to so more of the same next.