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The chart above depicts the dollar index (the value of the dollar versus a basket of foreign currencies). Over the past 20 years or so, the dollar has declined in value almost 60%. It’s down 40% in just the past 5 years (pretty damn fugly).

The dollar’s horrifying decline has sentiment almost universally bearish on the homeland’s currency (horrifying declines tend to do this).

As we like to say on the Trading Desk, however, when everyone’s growling it’s probably time to start mooing… or something like that.