U.S. dollar futures gapped lower overnight, breaching critical support at the 97 level. The sell-off follows Thursday’s news that the Federal Reserve will be buying over $300 billion worth of financial assets between today and mid-January. This short-term loan program serves to inject much needed liquidity into the U.S. economy, weakening the dollar and elevating foreign currencies by default. Many times, futures markets fill gaps on the chart, so a correction higher is entirely possible. However, if the dollar index closes below the 97-pivot point on Friday, it will likely cause additional sell-offs through the course of this repo operation. Compounding the selling pressure in the USD is the reelection of Britain’s prime minister, Boris Johnson. This triggered widespread buying in the pound, up 1.5% Friday morning. Expect to see the dollar put up a fight, but I believe the days of “King Dollar” are coming to an end, which will trigger a paradigm shift as to where institutional money is flowing.