We used to sell dollars on bad auctions; now we sell dollars on good auctions

Heads I win, tails you lose. That’s the way things are working for the greenback. News is either dollar bearish or it is supportive of the US economy which increases risk assumption, the reflation trade, yada yada… No helping matters are comments from the Fed’s Lockhart who says the dollar’s role as a reserve currency may diminish on a relative basis over time but no time soon. It is rarely a good idea for a central banker to talk currencies and he may regret the comments as the market can only see the dark-side for the dollar at the moment. EUR/USD has reached 1.4177 thus far.

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