I would disagree that it findamentally changes nothing. If the Fed's action results in a perception that the dollar has bottomed-out and changing course, the subsequent result is very real.
Ernie is right! (did I say that?) With the EU decisioning on core interest rates and declining crude costs -- we've continued to see a strengthening dollar since the Fed's move.
Technically that would be a technical move in the dollar not a fundamental one.
Yes an up move is an up move and in the end the money made or lost is all that counts, but when I think of dollar fundamentals I am thinking about the health of the balance sheet of the US (income versus outgo and the associated debt) and interest rates versus inflation.
Short term technicals (basically the human behavioral factor) bounce things around good. Long term fundamentals always win.
With careful timing and some coordination, manipulation can do a good job of influencing the technicals and flipping the switch that convinces people that now is a good time to buy, but it does not change the fundamentals and eventually the fundamentals will push back. IMHO
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