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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more about the Early Look.

CHART OF THE DAY: When Will US Dollar Peak? - zdd1

When will the US Dollar (which is currently re-testing both 2-year and Global #Quad4 Cycle highs) peak? As Jim Rickards and I reviewed in a Real Conversation on Friday, Fed rate cuts don’t happen in a vacuum. The #CurrencyWar is a competition. 

Who can either A) stop #slowing first (China, EM, Europe, UK, Latin America) and/or B) not be Dovish Enough while world markets are picking their winners and losers? As Durant went on to write in The Lessons of History (in 1968): 

“The second biological lesson of history is that life is selection… inequality is not only natural and inborn, it grows with the complexity of civilization” (pg 21). Inequality is currently perpetuated by you and I being forced to chase centrally-planned (Fed) asset price reflation while the rest of America pays for that in cost of living terms. 

CHART OF THE DAY: When Will US Dollar Peak? - CoD Currency War Competition