— David Yocum (@YocumsCharting) April 13, 2023
Today’s Chart of the Day was shared by David Yocum (@YocumsCharting). The US Dollar Index is on track for its fifth consecutive down week, marking its longest weekly losing streak in more than two years. It closed at its lowest level in nearly a year today (51-week lows to be exact). More importantly, it’s back below a crucial support level (around $102-$103) which has been a major inflection point. Dollar strength has been a significant headwind for Stocks, Gold, Crypto, and other risk assets over the past two years. It’s no surprise that those assets stopped going down around the same time that the Dollar peaked last year. Risk assets will likely continue to benefit if the Dollar continues to weaken in the coming months.