The US Dollar is a bit of an enigma. There is so much happening in the equity and bond markets the last few years, that nobody pays any attention to the US Dollar. This is rather strange because every currency on the planet is manipulated in some way or another. The whole point of Quantitative Easing is to reduce the value of the currency, making it easier for debtors to service and repay their debts. Quantitative easing increases the monetary base and therefore the supply of both money and credit. Japan and Europe have taken QE to new heights and have far beyond what the Fed did in the US. One would think that the value of these currencies would have been falling monotonically against the US Dollar but you would be wrong.
