If investing is about fundamentals, then currency investing is about betting on a country's overall health. The U.S. dollar's slide is a sign that the rest of the world is discounting U.S. assets. The next shoe to drop: U.S. equity markets should soon follow the dollar down. The increasingly jobless recovery is a forewarning for those who choose to listen. We're not as bad as Greece yet but we'll get there soon enough.
Any good news for America lately? Well, a weaker dollar will help exports. The Russian drought isn't the only reason U.S. grain exports are rising; a cheap dollar makes them more competitive.
