💵🔺Dollar Tends to Appreciate 6-Months After Down Year: Cable FX Macro

• Over the last 15 years, the dollar has seen 7 instances of yearly down performance. Our measure of the dollar <.RDDXY> fell 2.2% in 2023 while it recorded the largest downside in 2009

• The table below lists the 6-month and 12-month performances following a down year in the Cable FX Macro Dollar Index. On average, the dollar tends to recover after posting yearly losses

• We have seen back-to-back losses in the Cable FX Macro Dollar Index in 2009/2010 and 2019/2020.