Bank of America’s fund manager survey released this month said US dollar longs were the most-crowded trade on the planet.

When that kind of thing unwinds, this is what it looks like.

US dollar longs are scrambling to the sidelines at the moment after Daly indicated no plan to hike more aggressively. The S&P 500 is now up 2.5% on the day.

In terms of FX, cable is up 62 pips to 1.1296 from a low of 1.1061 in a powerful turn.