February has seen a period of trade on the dollar index that has broken the historical inverse correlation between equities and the greenback. History shows a 12-month link that runs around 90%, that on any given day would have the S&P 500 moving in the opposite direction to the dollar index. Although equities have maintained bids at yearly highs, February has been a month of sideways movement in general for stocks, which is being mirrored in the dollar index trade.
An overlay of the dollar index on the S&P 500 chart shows all of February, through until the 17th, having the dollar tracking S&P movement virtually bid for bid. Thursday bucked that trend with violent overnight equity moves that initially tested support and then reversed to move back higher, which finally forced the dollar index to move in the opposite direction and test support.
The dollar index remains firmly embedded
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Shannyn Sossamon Rachael Leigh Cook Elisha Cuthbert Ciara Rachel Hunter
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