Headed Towards Intrinsic Value

Interesting day in currency land. Not surprisingly, the dollar has collapsed, breaking through important support levels. But the Yen is very weak also. Maybe people are switching horses and moving from the juiced Nikkei back to the S&P, since Bernanke is promising even more liquidity than expected. Or maybe people are pricing in a counter-move by Abe and Kuroda, since we are in the middle of a currency war.  Or maybe there is a bit of news today that I missed.  Regardless, the story ends the same.