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The Dollar, the Euro and the Pound: Structural changes or short term movements?

Exchange rates are in turmoil. This week there are some historical highs and next week we might see others (probably on the same currencies). The Dollar is at historical lows relative to the Euro and the pound. You get now 1,36 dollars per Euro and 2 Dollars per each sterling you have in your pocket.

This turmoil seems that is better explained by a US dollar problem: low growth and high external deficits in the US. Moreover and related with these arguments there is an expected reversal of the returns on each currency. The monetary/interest rate cycle is expected to reverse, with the Fed probably lowering rates (despite the stubborn and firm resolution of the Fed against this market view) and the UK and Euroland going towards further hikes. In the UK higher than expected inflation is motivating higher rates. Whereas in Europe