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For all of the talk about the strong dollar in the last several days, one might be surprised to hear that today’s gain in the US Dollar Index is only the third up day since Thanksgiving (10 trading days).  Yes, this consolidation in the greenback comes after a big surge following the election, but it just illustrates how it isn’t just in politics where the rhetoric often differs from reality.  In the initial post-election surge, the US Dollar Index rallied nearly 4% – a huge move over such a short period of time – and broke out above resistance from its prior peaks in March and December 2015.  Since its high on 11/23, though, the greenback has been trading in a two-week consolidation phase.  During this period, though, it has managed to stay above its former highs, which acted as support from which it is bouncing today.

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