ABG

Dollar Bulls and Bears Struggle for Dominance

I should note that they sold $9 billion worth of euros to perform the dollar pump which started on July 15, 2008, but ran out of them last week. Now, they've bought more, but they've got precious few euros left, so they won't be able to do this much longer. Beyond that, the euros are quickly exhausted when you use them up to buy derivatives. Unlike China, the USA does not hold enough foreign currency reserves to really affect the currency markets without the use of leveraged derivatives.