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USD index (USDX) gives it all back and more

To get a good idea of just how beaten up the dollar is getting right now, it is worth looking at the price action of the Dollar index (USDX). That has really taken it on the chin following the lower print on the CPI data. To be honest with you though, we are not actually talking about a huge miss here and for the most part it is just 0.1% across the board. That said, it is the fact that prices are now actually falling, not rising that probably accounts for the reactions we are seeing play out across the markets right now. So, the Dollar is has taken a hit, falling back towards its 200 day moving average. That is in place right now at 104.46. The low seen has just been set close to that level although a delayed feed here makes it hard to accurately gauge the exact low, but it seems to not yet be underneath that 104.46 level. The low here is at 104.47. Earlier today the index reached a high at 105.27, so that is quite a move for the index already this afternoon. The index will need to hold that 200 day level, or risk unwinding the whole, quite dynamic rebound since last week 

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