To mis-quote Churchill, the dollar in 2012 is likely to be the worst major currency, except for all the others. Reserve managers and funds will still want to diversify away from the US currency in the medium term, but a lack of attractive alternatives and the sheer necessity in holding the currency should help keep it afloat for a while longer, especially as the love affair with alluring BRIC economies is under strain. Timing is, as always, critical and the generally bullish consensus on the currency for 2012 is a concern. Overall, the dollar should start the year on a strong footing and the 1.15 area against the ... (full story)