The US dollar lost ground against all the major currencies over the past week. The yen (3.5%) and New Zealand dollar (2.0%) led the pack against the greenback. Canada, Australia and Norway were the laggards, the worst was flat and the best--up almost a percent. We had anticipated a better showing for the US dollar. Yet, indicators suggest we were early and that the near-term risk is still to the dollar's downside. Of course, the key is how the market responds to the FOMC statement. We have consistently argued that the Fed is unlikely to taper as early many participants and observers have suggested: Not in June, the ... (full story)