The dollar swoon continues, and it's now testing key intermediate support - the lower boundary of the 2015-17 trading range. It might have a bounce prior to piercing that support, but based on the chart it might just fall right thru, and then bombs away.
Once it falls thru 93 then next support is 90, and if that fails then into the 80s. Currently the dollar is at 93.26, down from ~103 at the beginning of the year.
In his most recent interviews, Rickards thinks the handwriting is on the wall - the Fed has already signaled no more rate hikes until Dec, and the December one is increasingly doubtful. Rickards thinks the odds are that the slowing economy will force the Fed into dovish happy talk, but the tightening already done will likely push us into recession. The falling US dollar is indicating the same thing - that the economy is slowing and the Fed's tightening plans will have to be put on hold.
