King dollar - just when everybody saw the break down...

...mighty dollar decided to reverse violently higher. Early last week we asked ourselves if the DXY was setting up for a big reversal. We wrote; "Everybody sees the dollar going lower, and positioning is extremely crowded and short...CTAs have been adding big time to dollar shorts. Models are still in short more mode, but given the steep trend, a reversal could get CTAs changing directional bias quickly...whenever we have seen extreme dollar short positioning at these levels, the dollar has tend