CITIC Securities said the dollar index has rallied sharply, driving gold below $4,000/oz, and that easing inflation concerns have not weakened the dollar. Political 're-dollarization' may partly explain the move, but the firm sees expectations of tighter dollar liquidity as the dominant driver. It expects the dollar index to find support this year but for further upside to be difficult to sustain; the next US inflation print could be a catalyst for market re-pricing.