Living here in Europe, the answer is "damn, I sure hope so". I could use a dollar rally right about now, and my cash savings are back in US$ (and looking for a safe place to go).
The good news is that Bernanke only has 12 bullets left. Whereas the UK and EU can cut and cut and cut again. All three have printing presses though.
HP'ers are contrarians, and betting ON the dollar sure feels like going against the crowd (and everything we represent!). But it also feels like all the bad news and rate cuts are now priced into the dollar, where the Pound and Euro are just starting. Hell, it seems like most people over here don't even think they're in a bubble - it's just the trailer-trash mortgage problem in the US. Oh, won't they be surprised.
Currency followers weigh in. And if the Pound and Euro fall apart, what's the future hold for the Peso, the Aussie and Canadian dollars, the Yen or the Swiss Franc? Or are all fiat currencies screwed - is that what the gold price is telling us?
The Currency Winds Are Shifting
Bottom line: While there might be more weakness ahead for the U.S. economy and its stock market, currency traders may very well get on their horses now and start running from the seemingly overvalued currencies that are leveraged to global growth — currencies such as the euro.