March U.S. dollar futures gapped lower overnight and are trading 90 points below the opening price Friday morning. In short, the top is in and the days of King Dollar seem to be over. This follows an emergency 50-bps rate cut earlier this week and projections for ANOTHER 50-bps rate cut at the March 18th meeting are now at 75% according to the CME. Foreign currencies are rocketing higher, led by the euro and the Swiss franc. Safe-haven currencies are seeing an influx of buying as the stock market decline continues. The Japanese yen is this week’s winner, trading above the 95 level for the first time since August. The Swiss also carries some safe-haven qualities. So, what’s next? Probably more of the same. Currency moves this week signal major reversals. A paradigm shift is among us as the major economies of the world are showing clear signs of slowdowns that are being exasperated by the coronavirus. Support in the dollar will not likely be seen until last June’s low of 95.365. Volatility has returned and currency traders should tread carefully as central banks around the world coordinate monetary easing.