US dollar emerging from the woods, says SLJ Macro Partners

Of the major currencies, the US dollar is well positioned for a rally, but its direction will be determined by the net effect of the negative European outlook and the implications of Federal Reserve policy, according to Stephen Jen, managing partner at SLJ Macro Partners, a London-based investment firm providing active foreign exchange overlay and macro advisory.

"There has been a lot of money printing," says Jen. "All major reserve currency issuing central banks are accelerating their liquidity