U.S. Dollar Is Melting Like The Economic Data

U.S. Dollar Is Melting Like The Economic Data - z doll

The U.S. Dollar continues to break down from an immediate-term TRADE perspective as the U.S. economic data continues to slow in rate of change terms. The EUR/USD risk range has tightened up too (higher-low, which is new) to 1.09-1.13.

The latest #Growth slowing data point was today’s lackluster Retail Sales report which came in flat for April. Clearly no cause for celebration.

U.S. Dollar Is Melting Like The Economic Data - z 1 chart

On a related note, Oil loves Down Dollar; absolutely loves it – but does the consensus Consumer bull case on “lower gas prices” share the love? WTI up another +1.2% this am to $61.53 and is also signaling higher-lows within its $55.06-62.36 risk range.

Get the dollar right and you get a lot of other market things right.

U.S. Dollar Is Melting Like The Economic Data - z 3 chart

Editor's Note: This is a brief excerpt from Hedgeye morning research. Click here to learn more about how you can subscribe to our investing products.