Dollar Index (DXY)

DXY is the single most useful macro indicator after rates. A strong dollar is a tax on emerging markets, on US multinationals' reported earnings, and on commodities (most priced in dollars). A weak dollar is a tailwind for all of the above. In interviews, when you reference FX, reference the DXY — it's the institutional default. 100 is the historical anchor: above = strong dollar regime, below = weak.