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The U.S. Dollar was smoked on that bad Retail Sales report last Wednesday. It proceeded to close the week on its lows (down -1.8% week over week and -5.3% in the last month).

We’re staying with the counter-TREND call (Down Dollar, Up Commodities) until we get through what should be a dovish June 17th FOMC meeting.

On a related note … Lower-for-longer on rates being priced in – Hilsenrath’s WSJ article reiterating the same this morning.

Dollar Getting Smoked - z 44 05.18.15 chart

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