…in the weeks preceding the final meltdown in US credit markets, the dollar strengthened as the world deleveraged. Today’s announcement that Morgan Stanley and Goldman Sachs have become bank holding companies signifies more deleveraging is ahead.Now that toxic assets will move from private to public books, the dollar is suddenly weaker. By implication, Mr. Market thinks submerging investment banks and insurance companies are more creditworthy than the US government. Sure, the government debt will grow. Boo freakin’ hoo. Better government debt ratios creep up than the global financial system melts down. The current rally should be faded, but now yet. Wait for the high 1.48s.