After an unprecedented 9 months in a row of gains, for a greater-than-27% gain, The US Dollar slumped in April. Down 3.5%, this is the biggest monthly drop for the greenback since April 2011 (near the end of QE2).
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As we noted yesterday, this could be a major problem as a USD-reversal is likely to drive the great unwind of consensus positioning...
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as Long Dollar is one of the most-crowded trades in the world today...
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The Great Unwind begins... to accelerate
Charts: Bloomberg and Cornerstone Macro
