The dollar rallied strongly from March 9 through March 20 or the start of last week on March 23. It has subsequently sold off and done so in dramatic fashion. It is not clear the trigger of the stunning reversal. Some observers attribute it to the Fed's currency swap lines, which were offered daily (seven-day operations) to a handful of large central banks. Others link it to the better risk appetites reflected in meaningful bounces in equity markets, but nothing as striking as the 17% rally in the Nikkei. Even with a 915-point tumble in the Dow and a 3.3% drop in the S&P 500 before the weekend, both ended with ... (full story)