Now it was a quiet, indirectionalist day for the stock market and also for bonds, but there was a very clear direction for currencies

If you take a look at the Euro, you can see that it's now given up virtually all of its gains against the dollar for the year

That's following the Thursday announcement from the ECB, which has been interpreted as very dovish

That strength of the dollar has turned into strength against other currencies, most significantly the Chinese yuan

If you take a look at this chart, you can see that the yuan is now as weak as it's been against the dollar

at any point since very early in 2010 when the Chinese authorities decided to allow it to start appreciating gradually once more

I'm surprised this hasn't been talked about far more

Now if we take a look at the year-on-year rise in the trade-weighted dollar, you'll see something very significant for US companies

When the dollar is stronger over the year, that is a problem. It makes their overseas earnings look worse

After a very brief reprieve, we are back to a period where the strong dollar harms US earnings

And that's the New York Minute