This is from Anatole Kaletsky of GaveKal, who argues that even with interest rates likely to rise, the dollar could be flat or even down. Quite the different outcome from what I think and what David Zervos argued  last weekend. But he does make a point in this short note that the dollar did actually weaken during two previous rate-hike cycles. And he does note that a rising dollar is possible. Just a different perspective.