The US dollar traded to 16-year highs in early July on a trade weighted basis, with hedge fund managers happily going along with the global consensus - the dollar is going higher against all the major currencies.
Whoops. Oh for a little hindsight
One of the driving forces behind the dollar's strength in recent years was the 'strong dollar' policy first espoused by the US Treasury under Bill Clinton. Despite the protestations of the current administration, many in the markets feel the US is now bo