Wade,
I am no economist but rising rates in Europe are generally bad for the US Dollar and dollar denominated assets as Treasuries are less attractive vs Euro denominated assets...but then a lower dollar improves US exports, stronger European economy helps US multinationals earnings and small cap type exporters we track here...and the dollar then can strengthen..... remarkable cycle....and balance....
Also, last May most traders widely anticipated a huge drop in the dollar but it actually strengthened as the US economy was relatively strong....may not be the same scenario here though as potential housing contagion is the wildcard...
imho,
Art
****My uninformed opinion only...do your own due diligence****
