What would a currency war look like? Like this.

What would a "Currency War" look like....since mid 2009, it would look like this.   Fighting for competitive devaluation, printing money, and using unconventional means of monetary policy as Ben said "communication", which is what Chi-town Fed boy did....trying to talk the dollar down by yapping about "we will print even double what we said and forever!".   They don't want to lose the election AND generate a bull market in pitchforks by rampant inflation, instead they would prefer to talk the USD down.    Lots of foreign listeners, well they actually listen to what the Fed says...not what the Fed does.

Surprisingly, ES was up today, yet Cable did not get any  footing and continued on my "very bearish" prediction.   Best to bet the direct product, and not try to predict ES using Cable, as there are lots of shenanigans going on behind the scenes.