I think a lot of this is short selling by offshore hedge funds.
Soros would like nothing better than to push the US$ into a crisis: It could hurt Pres. Bush and fund his end-run around the campaign 'finance' he bankrolled.
The cheap $ has a lot of plusses - we will export a great deal more into a world eceonomy that is growing again a good clip. Inflation is very low, so this growth in our economy is sustainable.
The euro is not a real currency, but is rather a bundle of currencies not held together by a real nation. I think the euro could collapse very dramatically, france and germany continue to attempt to impose thei rule over the rest of Europe.
Ed