My personal opinion is that a Fed cut will start the drive out of US T Bills (treasury-bills) into products that actually have a return. At the moment the T-bills are yielding a negative return compared with inflation rate in the USA - and the higher yields in Euro and Rands. Investors/Traders are ignoring this at the moment as they flood into US T Bills which are supposedly a "safe haven." This herd instinct is incredible, especially for clever people. At some point someone big will decide to start moving funds off shore (ie out of USA T Bills and therefore out of US$s) and the USDX will continue its long term decline. I'm not an expert, but I expect the Rand to be at 7 to the $ by the end of January.