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“Face reality as it is, not as it was or as you wish it to be.” – Jack Welch

The headache from the post-Fed hangover remains in effect this morning as US equity futures trade lower.  It’s a relatively busy morning for economic data with Philly Fed and Jobless Claims at 8:30 and Leading Indicators at 10 AM.  With the FOMC apparently taking a bit of a more hawkish turn, look for good economic data to start having a negative impact on equity prices.

Read today’s Morning Lineup for a recap of all the major market news and events, the latest economic news from around the world overnight, and the latest US and international COVID trends including our vaccination trackers, and much more.

It’s been a strong week for the US dollar.  After hanging around and holding support, the Bloomberg US Dollar Index has attempted to turn the corner in the last few days.  Yesterday, it traded and closed above its 50-day moving average (DMA) for the first time since April, and now today, it’s making an attempt to trade and close above its 200-DMA for the first time in nearly a year.

Price history for the Bloomberg Dollar Index only goes back as far as 2005, but during that time, there have only been three streaks where the index closed below its 200-DMA for a longer period of time, and only one of them was significantly longer than the current one.  Whether this is just a short-term bounce for the dollar or the beginning of a longer-term trend remains to be seen, but if the dollar’s bounce does get legs from here, its impact will be felt across a broad range of asset classes.