Close isn't good enough for the US dollar anymore

The market is falling out of love with the dollar

It took months of disappointing hard US data but it"s finally caught up to the dollar.

The US economic surprise index from Citi is the worst among the major economies and is floundering at -37.5.

For weeks, the dollar withstood the stream of economic data misses but more recently the pattern has flipped. Even slight misses are resulting in the dollar getting punished as the market begins to wonder whether the June hike will be the end of the cycle because of disappointing growth and inflation.

I think this is the new paradigm. The market is starting to price in a dovish hike on June 14 and every soft data point makes it more likely.

Close isn"t good enough for the US dollar anymore
Close isn"t good enough for the US dollar anymore
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