Alex Green, Chief Investment Strategist for Investment U, knows the dollar’s in the gutter and contrary to popular opinion, thinks it has nowhere to go but up.

Chuck Butler, President of  EverBank® World Markets and author of The Daily Pfenning newsletter, offers his analysis of this week’s currency trends – and their implications for the global economic recovery – at The Daily Reckoning.

Chuck Butler (The Daily Reckoning):

Japanese Canaries in a U.S. Economic Coal Mine

Yesterday I told you how the overnight markets were selling dollars, and the NY traders were buying them, causing these swings in the currencies. The trading ranges aren’t huge in any sense of the imagination, but, they do cross significant levels each time… For instance, the euro (EUR) has crossed back and forth through the 1.51 level four times this week, and the Swiss franc (CHF) has crossed back and forth through parity a few…

$1,055 for Gold! Global recovery prospects fuel run on the dollar…Trichet to defend the dollar today? Central Banks are diversifying…And Now… Today’s Pfennig!

Pandora’s Box of rate hikes is opened! Is the dollar being removed from oil trades? Deficits do matter, eh? Gold heads toward its all-time high…And Now… Today’s Pfennig!

September job losses soar to 263,000…G-7 does not make statement on currencies…RBA meets tonight…India & Brazil pull the right strings…And Now… Today’s Pfennig!

The dollar remains well bid…G-7 to hand currencies off to G-20? Car Sales collapse…Auditing the Lehman cash movements…And Now… Today’s Pfennig!

The ball is in the dollar’s court today…Aussie is unable to hold 14-month high…China and Eurozone print stronger PMI’s. Chock-full-o-data today…And Now… Today’s Pfennig!

Currencies rebound VS the dollar…Aussie and kiwi lead the currencies higher…Data and Central Bank speeches today…Gold rebounds back to $1,000! And Now… Today’s Pfennig!

A bias to buy dollars remains…The Fed was warned as far back as 1999! Fujii gets “the memo”! A ton o’ data all around the globe this week! And Now… Today’s Pfennig!

Dollar’s rally is cut short…Major problems for loans still exist…Yen rallies on exporter repatriation…Kiwi gets whacked! And Now… Today’s Pfennig!