Despite a flurry of narratives around the U.S. dollar's steady rise in the past month, Hedgeye CEO Keith McCullough reminds investors that the causes are far more complex than you might think - or want - them to be.

“It’s not just one thing,” McCullough explains in this clip from The Macro Show. “You can say that the dollar is going up because of Trump, but if you didn’t know that the European Central Bank (ECB) was going to cut interest rates today, then you don’t know what the hell you’re doing.”

“The dollar certainly reflects that the Fed - in terms of rate cut expectations - we’re past the lowest points because we’re past the low print on CPI… The last time we had a widening gap like this in terms of predicting higher inflation that people expect was when the Fed called inflation transitory.”

Mainstream financial media will just tell you “Trump Up, Dollar Up,” but that’s not the full story. Subscribe to The Macro Show to stay ahead of the crowd and never miss a major market move.

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