Dollar = Confetti?

Okay, so maybe I'm overstating things a little bit. But the Dollar Index is slumping hard, reflecting an ongoing loss of purchasing power for the U.S. greenback. It took out the key 80 level a couple of days ago and continues to fall (recently down 15 bps to 79.66). In fact, this measure of the dollar's performance against six major currencies (euro, Japanese yen, British pound, Canadian dollar, Swedish krona, Swiss franc) has now taken out every technical support level save the all-time low of 78.19 in September 1992.