We have long argued that structural imbalances in the US will lead to more Dollar weakness. There are two main transmission channels: First, the current account deficit combined with the lack of investment inflows into the US and, second, more accommodative monetary policy by the Fed than elsewhere. We would expect these Dollar-negative forces to strengthen. The Fed yesterday shifted to a more dovish stance, including with a commitment to keep rates at exceptionally weak levels until at least mid-2013. The Fed also said it stands ready to increase its balance sheet further, leading our US economists to think QE3 now has a more than even chance of becoming reality. Moreover, the recent macro evidence of continued sluggish growth suggests capital inflows into the US could weaken further. This would likely increase the current account funding pressures, even if the latter start to improve slowly. All this suggests the Dollar will likely continue to weaken on a broad basis, and hence we would look to express this view against a broad basket of currencies. Our choice has been focused on commodity exporters, countries with strong external balances and strong cyclical stories across the major regions. Specifically, we suggest an equally-weighted basket of NZD, RUB, SEK, KRW, MYR and CLP. We would recommend going long this basket at an index level of 100, with a 1-day stop on a close below 98, for an initial target of 105.