The Dollar Looks Worse By The Day...

After falling another 2% [against particularly the yen, euro and the pound] since I posted those comments last week, the dollar selloff looks to be done for now (short-term), before the Fed meeting next week. However, we are a long, long way from wanting to buy the greenback. It may just be a period of consolidation before another leg down. To the best of my limited technical analysis abilities, I see downside to 109 in the $/yen and upside to 1.2750 in eur/$ (weekly closes), before the dollar bulls can perhaps emerge from hibernation. Six months ago, dollar bears (including me!) could get no respect -- now, they are definitely back in fashion!