Think back to this past summer. The US dollar was rallying hard, having risen from 88 DXY in the spring to 97 as August drew to a close. At the same time, the American stock market was on fire, tacking on 400 S&P points in less than half a year. This was happening while the rest of the world’s stock markets were sucking wind. Europe was down a handful of percentage points, the MSCI world index ex-US was down a similar amount and emerging markets were being beaten like Marvin Nash at the hands of Mr.