The trade-weighted U.S. Dollar Index (DXY) has been weak since mid-May. This week’s downside pressure has pushed it below 90—within an eyelash of its early-2018 bottom. If it breaches the 2018 low, there is very little technical resistance until it moves down to near 80. This year, the dollar peaked above 100, so a drop to 80 would represent a significant 20% cheapening in just a few months.