From Friday's Financial Times:
The dollar has fallen against currencies where base rates are both significantly higher and lower than in the US, indicating that current yield differentials are not playing a significant role. But a strong Ifo survey of German business sentiment, against a backdrop of poor US data, may have reinvigorated the view that rates on each side of the pond are heading in different directions. This survey was released on Thanksgiving, into light trading volumes, perhaps exacerbating the sell-off. By the time turkey-gorged US traders returned to work, the trend was established.Of course, this comment ignores the fact that the dollar has been plunging since Columbus Day, not only since Thanksgiving. Against the euro, the USD fell 2.4 (euro)cents from 10/10 to 11/22 and another 2.3 (euro)cents from 11/22 to 12/1; against the pound, down 1.7p from 10/10 to 11/22 and another 1.7p since 11/22.
Certainly the pace of the Big Skid has picked up recently, but it's only accelerating a more long-standing trend.