Who cares? Who knows?

If you can believe it, the US dollar has gotten hammered in the last 12 hours -- the euro and pound up over a percent at their day’s highs; the Australian dollar coming very close to US dollar parity.

The day’s early moves have hints of capitulation as QE2 and currency war speculation saturate the headlines. In fact, we were easily stopped out of EURUSD and AUDUSD as the pairs blew through last week’s highs and cleaned out whatever orders sat above those levels. The expectations for the US dollar to bottom are growing in talk but not in walk.