The case against the dollar is strong and widely held. Last week, the Commodity Futures Trading Commission's weekly report of currency positions showed that almost all speculators were short the dollar and long the yen, euro, pound, Swiss franc and other currencies. Since the start of the year, the euro has strengthened to $1.40 from $1.30. The yen has basically been flat, but it took an extraordinary intervention by the G7 to tamp down the yen after it raced to record levels against the dollar following the Japanese earthquake. Net bets in favor of the yen rose 15% last week, according to the CFTC data, to $5.3 ... (full story)