The US Dollar is doing something very unusual: The US Dollar has been more volatile than the S&P 500 over the last month, according to Goldman Sachs. This is only the 3rd such occurrence over the last 7 years, after December 2023 and July 2025. By comparison, during the April sell-off, the realized volatility ratio between the S&P 500 and the US Dollar Index jumped to 6x, the highest since 2020. This comes as the US Dollar is on track for its worst year since 1973, down -10% year-to-date. At the same time, the S&P 500 has risen +14%, hitting 32 all-time highs. The Dollar is being sold and asset prices are skyrocketing.(The Kobeissi Letter)