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US Dollar Watch: Plosser Getting It Done This Morning

The President of the Philadelphia Fed is in the game this morning backing up what I was calling for in this morning's note. Charles Plosser is calling for rate hikes "sooner rather than later".

The US Dollar is in a very precarious technical position and needs this kind of Fed rhetoric to morph into action. So far this morning, the currency market has bought into Plosser’s narrative, taking the US$ Index +30 basis points to 72.05.

I'd like to see rates hiked and the US Dollar clearing the 72.61 bar.

It is time to manage this domestic currency crisis proactively.
KM