U.S. Dollar Smile (U.S. Growth vs the Rest of G7) and U.S. Double Deficit Global growth rebound and widening U.S. double deficits suggest a further depreciation of the U.S. dollar. Image: Nomura
Fed’s Broad U.S. Dollar and Rest of the World Minus US GDP Growth This chart suggests that the U.S. dollar tends to weaken when RoW growth outperforms that in the United States. Image: Morgan Stanley Research
Bond Yields, U.S. Dollar and Stock Market According to BofA, the biggest summer pain trade would be a rise in bond yields, a falling U.S. dollar and a sideways stock market. Image: BofA Global Investment Strategy
U.S. Dollar Index and Fed Excess Reserves Fed excess reserves suggest lower U.S. dollar ahead. Image: BofA Research Investment Committee
U.S. Dollar vs. Japanese Yen (USD/JPY) This chart also suggests that the U.S. dollar remains relatively strong despite Fed action. Image: Alpine Macro
U.S. Dollar Liquidity Swaps, as a Percent of the Amount Outstanding The Bank of Japan represents nearly 50% of outstanding U.S. dollar liquidity swaps, a much higher rate than any other central bank. Image: Charles Schwab
The Cost of a Barrel of Oil in Real U.S. Dollar Terms This chart puts into perspective the real price of oil in U.S. dollar terms since 1870. U.S. oil prices turned negative for the first time in history. Image: Deutsche Bank
U.S. Dollar – Don’t Fight the Fed The U.S. dollar remains relatively strong despite Fed action. Image: Alpine Macro
U.S. Dollar and Equity Market Bottom In the last recession, the U.S. dollar topped at the equity market bottom. Image: Goldman Sachs Global Investment Research
U.S. Dollar and S&P 500 The U.S. dollar and the S&P 500 tend to move in long waves. Since 2011, the S&P 500 has outperformed the MSCI EAFE index, but the coronavirus could signal a peak. Image: Bloomberg