Can we rest? Gold may lead the way.

The volatility has been humongous in currencies, you might have noticed. The huge run in the euro recently seems to have a lot of Johnny Come Lately dollar bulls changing their tunes, and now suggesting the dollar move is done. It's time for the dollar dirt nap again seems to be the new lament. But it's a very tough call in a market where volatility is spiking to all-time high levels to suggest a multi-day move means this or that.

Our fundamental story hasn't changed, as you know. And today's news (above) that China is cutting rates and Germany will contract more than expected are a big part of our dollar story global demand has evaporated (Japan recently reported that November exports dropped at the sharpest rate on record). But....open we must remain because price action we must respect.