Plunging POSX

As you know, we've been watching the POSX (dollar index) fall through the summer. Once it fell below 103, it set up a test of 101 support and now that it's below 101, the next area of support looks to be in the 98-99 area. Very few "analysts" had expected a falling dollar this summer but here we are and the impact for the commodities will be significant.

The question is...What's driving the POSX lower? Again, the index only measures The Pig (dollar) against the other, major fiat currencies. So one way to look at it is that The Pig is weakening while the others are strengthening....

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Key Economic Events Week of 7/22

7/23 10:00 ET Existing Home Sales
7/24 9:45 ET S&P July flash PMIs
7/24 10:00 ET New Home Sales
7/25 8:30 ET Q2 GDP first guess
7/25 8:30 ET Durable Goods
7/25 1:30 ET Comex option expiry
7/26 8:30 ET PCE and Core PCE
7/26 8:30 ET Personal Inc and Spend

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