Oil price collapse will hit US growth through falling capex in shale, oil and other sectors. Some commentators suggested that job creation in shale fracking had been the only driver of employment. Fear growing that a rise in the USD would hit S&P earnings and capex hard.
The timing effects of the oil and commodity price collapse - pain first, gain later - have taken longer than in 1986...but the consumer-led growth will come through. The dollar will be protected from undue appreciation as the real Chinese exchange rate falls, by buoyuancy of the euro (also the yen) as real incomes support European consumer growth: the euro's past depreciation, with an already huge trade surplus, boosts current and real-asset capital flows. (LSR View 29th February 2016)
US growth stable at 2-2.5% through 2016 following a weather related soft patch in Q1. USD index (DXY) ranged around 95 from March to October and only jumped to 100 in November following Trump election victory and re-pricing of inflation expectations.