The dollar has begun to weaken again after the Federal Reserve in December cut its interest rate target to zero and shifted more explicitly towards a policy of quantitative easing.

As the December Federal Open Market Committee meeting minutes show, America's central bankers expect to keep interest rates super low for the foreseeable future while continuing to expand the Fed's balance sheet. At the same time US fiscal policy is also set to be loosened aggressively. The Obama administration's likely stimulus package will push America's budget deficit well above $1,000bn dollars this year.