The US dollar is sizzling. Here’s why

There isn’t a big catalyst for the dollar strength today but here are some reasons:

Strong US wholesale data and PPI

Trouble in emerging markets, especially Turkey

It’s weathered the trade war rhetoric and news remarkably well

Add another one to the list — the US Senate just passed a symbolic motion to back a role for Congress in reviewing tariffs based on national security grounds. The vote was an overwhelming 88-11 and suggests Congress might one day stand up to Trump on trade (some of their donors would certainly like that).

Tomorrow is CPI day and that will be a major mover but for now it’s a one-way street for the dollar.

 Trader Aleksandar Kumanov

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