The talk around the markets this morning is about the US$ and specifically its weakness.

The Dollar index has fallen by -3.0% in just a few sessions part of a near -12.0% fall seen over the last year.

Dutch bank ING believe the US currency can weaken further and that in their words “it makes no sense to stand in the way ”

Of course currencies don’t move in isolation , they are traded in pairs and crosses after all, and that means there are consequences.

The FT writes on the strength of the Swiss franc and reminds us of what happened in January 2015.

Whilst US bank Citi flags the strength of the Euro, and the negative impact that can have on the earnings of some European equities.

Though we should note that Citi recently down graded European equities, and today’s comments support that view.

Nonetheless, the macro continues to make its presence felt, and it’s frequently overshadowing micro factors, such as earnings and other news flow at the moment.