the s  p 500 very very close to the year lows and these strong strong tilt at this year candy lines has not helped strong and continually getting stronger i mean all hail king dollar john it seems to be the only thing anyone wants to buy right now up against everything in g10 as you said as there is a narrative that hawkish central bank specifically the federal reserve particularly the federal reserve are going to keep supporting this dollar while other central banks hiking cannot do enough to support their currencies just look at the euro or the pound for an example of that and this seems to be the narrative that this isnt going to change anytime soon that there isnt much standing in the way right now of dollar strength obviously that has big ripple effects including for stocks especially those big multinationals that have significant exposure overseas because the value of the sales made elsewhere is worth a lot less when it has to be converted back into dollars so those ibex headwinds are quite large and thats something that might make wilson over at morgan stanley pointed out in research this morning saying that by his calculations every one percent change in the dollar index has a negative half a percent impact on profits so he said fourth quarter s  p earnings will face an approximate 10 percent headwind from the stronger currency that may help explain why s  p companies with low international sales are outperforming those with high international sales which is that blue line were looking at here on this chart of course the currency impact is felt in other classes asset classes as well including commodities because those are priced in dollars are more expensive for overseas buyers so that coupled with demand concerns around a deteriorating growth outlook has dragged hard on the likes of the metals with copper down about 30 percent over the last six month gold down about 16 percent and of course crude sub eighty dollars on wti we are at the lowest levels since january john kelly awesome work this morning guys always haidi lun there want to pick up on that quote that katie just used from mike wilson of morgan stanley if you want the numbers again im happy to share them with you on a year over year basis the dollar index is now up 21 percent and still rising based on our analysis that every 1 percent change in the dax y has around a negative zero point nine percent impact on s  p 500 earnings as katie said false kusa s  p 500 earnings will face an approximate 10 percent headwind to growth last being equal morgan stanleys mike wilson