The dollar has fallen in five straight months
This is the kind of headline you see before a bottom.
Dollar weakness has gone mainstream and make no mistake, it has been a miserable year for the US dollar. It's down against everything year-to-date.
One stat that stands out is speculative positioning. The CFTC positioning data released Friday showed a net $7.9 billion bet on a weaker dollar, the biggest position since early 2013.
I'm not sure which inning this is in the dollar-selling story but I think it's the 8th or 9th, if only because everything has gone wrong for so long.
What makes dollar shorts even more frightening is market's history of falling in love with the dollar. It doesn't take much to convince everyone to get back into USD, so it will only take one of politics, economic data or the Fed to spark a rally.
