Major markets against the USD are at a turning point right now.
I believe that the dollar have topped, at least in the short term in anticipation of a rate hike. Anyone who are long on the dollar have already bought them.
The next FOMC on 14/15th December will most likely accelerate the downtrend, it is impossible for Janet Yellen to raise even 0.25% at this point in time. The U.S. economy is not as strong as it seems. There is an almost 90% correlation between the stock market and , the collapse of manufacturing, trade.
1) FXCM SSI (Retail positioning)
Retails seems to be all in on stocks and rather in every USD based pair!
2) in Dollar Index
3) in USDSGD in a shorter term scale
4) Gold bounced off a critical
4) off EURUSD
5) Oil isn't going down further despite OPEC not cutting supply.
Oil have an almost perfect correlation when you look at it from a monthly perspective.
Ironically, at this point in time everyone seems to be long in the dollar. I suppose with the help of mainstream media like CNBC, Gartman, etc.
We'll more likely see a short squeeze in the near term before Dollar gets higher with the deflationary force.