With that in mind, let's look at the recent sentiment about the U.S. dollar:
First, the buck has become a hot topic lately. The number of discussions in the media of "what's next for the dollar" -- along with dire predictions for its demise -- have shot way up in recent weeks, especially after the EUR/USD, the euro-dollar exchange rate, moved above the $1.40 mark.
Second, "[s]peculative bets against the dollar have risen to their highest level since the onset of the financial crisis," reported the Financial Times on May 26. So, both the public and professionals have been getting antsy about the dollar's future.
Last but not least, the U.S. dollar's Daily Sentiment Index has been scraping the bottom. As our own Mon.-Wed.-Fri. Short Term Update has been reporting to subscribers:
"At just 6 percent bulls on the [U.S. Dollar Index], pessimism toward the dollar’s prospects has grown to the level it was at the March 17, 2008, bottom. Of the survey respondents, 94% think that the dollar will continue lower from current levels -- that’s extreme. It’s time for the dollar index to rally ... we are short-term bullish the dollar."
-- Steve Hochberg, Short Term Update, June 3
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