Go With the Capital Flows

(1) Dollar moved down as global economy was moving on up. (2) Dollar peaked after Trump won and before latest two Fed rate hikes. (3) Draghi and Kuroda are more dovish than Brainard and Yellen. (4) Our international capital flows proxy turned less bullish for the dollar last year. (5) International reserves holdings by central banks also a good barometer for the dollar. (6) Draghi has done whatever it takes, yet the euro is strengthening again. (7) Are emerging markets less prone to Fed tightening tantrums? (8) Oil and the dollar divergence is unusual.