It’s unclear what’s causing the move, but the dollar just spiked, causing the euro, gold, and stocks, and oil to drop.
A trader told us that the dollar is just catching a bid, given the fact that it’s been getting beaten up a lot lately. Meanwhile, other markets (like stocks) are increasingly looking like they are topping out.
Below is the spike in the U.S. dollar index:
And the corresponding drop in the euro:
The S&P 500 fell at the same time:
Gold did the same thing, but is battling back a bit faster than other markets:
The moves aren’t big, but notably synchronised.