Will China and Japan continue to buy US treasuries? If they do, will they only buy short-end? What is going to the effect of the Fed cranking up the printing presses? If you think you know the answer to some of these questions, then you might be able to forecast the medium term prospects for the USD. I don’t know any of the answers and I think most others are in the same boat. This uncertainty will keep the USD “offered” for some time to come.