The US dollar appreciates as stock markets crash


The tone continues to deteriorate in US equities and this has spilled over to FX.

The US Dollar is at or near daily highs across the board. It’s a return to the inverse correlation of the US dollar with equities which was curiously absent yesterday.

Movements so far are not dramatic but should be watched closely. Despite the fall in US equities, there is also selling at the start of the yield curve. This could be tied to a three-year sell-off coming later today, but it’s concerning that yields are rising as stocks are falling (again). This indicates more deleveraging.


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