The Great Dollar RangeThe dollar bears suddenly have a new argument. If Treasury is determined to keep the long end under control, the pressure may simply migrate somewhere else, and FX is the obvious release valve.But before chasing the latest dollar breakdown, there is a problem. DXY remains trapped in a giant range, positioning was stretched into the move and systematic flows likely amplified it.
The Dollar Is Becoming America’s Release Valve
Treasury wants the long end under control. The dollar may be becoming America’s release valve. The story is compelling. The tape isn't there yet.














