Buying US dollars against any currency is increasingly hard to justify. The big buy back in short USD positions that happened last year was brought about by a market which was completely over-leveraged but we now seem to be back in a phase of continuous USD weakening and it is not easy to find arguments which support the greenback. I could try and argue that the US government, as opposed to Europe, now seems to have some firm leadership and has taken the lead in regulating or cleaning-up their financial marketplace. Most of the financial skeletons are out of US cupboards whereas there may still be some hidden in Europe. Perhaps, but the market doesn’t want to know about it. It is the undermining of the USD position as global reserve currency which is most worrying the market. If this continues, then the fall in the USD will only gather pace.