Gartman: The U.S. Dollar Is Falling Across The Board, And That's Rare

The U.S. dollar is under attack, at least according to Dennis Gartman. In his most recent Gartman Letter, he noted the dollar’s weakness across the board in the last 24 hours is a rare occurrence.

“Normally we shall see one or perhaps two currencies that are higher over the course of the past twenty four hours when the majority are weaker, or when the majority are stronger we’ll see one or two that are weak; But ‘unanimity?’ That’s a rarity,” he wrote.

Not only is the unanimous move strange in itself, but the magnitude of the move is huge in the currency world.

“Stocks move by full percentages easily. Gold and other commodities may move by full percentages, but currencies rather seldom do,” Gartman notes.

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He believes Fed Chair Janet Yellen, who spoke along with the other four living Federal Reserve Chairmen on Thursday night, is at odds with other Fed members when it comes to interest rates.

“Concerning the minutes of the last FOMC meeting, upon reading them overnight we have become more and more convinced that there is a near mutiny within the Committee as Dr. Yellen has pushed her authority as the Chair to keep rates low and to do what she can to weakened the US dollar, while others on the Committee are at odds with her positions,” Gartman explains.

As long as Yellen continues to get her way, Gartman believes the dollar will be pressured. So far this year, the PowerShares DB US Dollar Index Bullish UUP is down 4.5 percent.

Disclosure: the author holds no position in the stocks mentioned.